Urbana : January 17, 2017 - Urbana Corporation - Block Purchase of Non-Voting Class A Shares Under Normal Course Issuer Bid

/NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./

News Release TSX & CSE: URB & URB.A BLOCK PURCHASE OF NON-VOTING CLASS A SHARES UNDER NORMAL COURSE ISSUER BID Toronto, Ontario - Tuesday, January 17, 2017 - Urbana Corporation ("Urbana") (TSX & CSE: URB & URB.A), announces that it made a block purchase of 628,800 non-voting Class A shares ("Class A Shares"), at $2.98 per Class A Share, today, under a normal course issuer bid. The Class A Shares purchased will be cancelled upon settlement of the trade.

Since the NCIB commenced on August 31, 2016, Urbana has purchased and cancelled 1,718,800 Class A Shares. The NCIB will terminate on August 30, 2017.

On behalf of Urbana's Board of Directors, Thomas S. Caldwell, C.M.

Please contact Elizabeth Naumovski, Investor Relations, at 416-595-9106 for further information.

Forward-Looking Statements

Certain information contained in this press release constitutes forward-looking information, which is information relating to possible events, conditions or results of operations which are based on assumptions about future economic conditions and courses of action and which are inherently uncertain. All information other than statements of historical fact may be forward-looking information. Forward- looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "target", "intend", "could", "might", "should", "believe", and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Urbana believes that the expectations reflected in the forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct. Some of the risks and other factors which could cause results to differ materially from those expressed in forward-looking information contained in this press release are described in Urbana's most recently-filed MD&A and Annual Information Form. Any forward-looking information in this press release is provided as at the date of this press release, based upon the opinions and estimates of management and information available to management as at the date of this press release. Urbana undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information contained in this press release.

150 KING ST. W., SUITE 1702, P.O. Box 47, TORONTO, ONTARIO M5H 1J9

TEL: [phone] FAX: [phone] www.urbanacorp.com