According to Kiley McDaniel at Baseball Prospectus:

9:40 AM: It’s been confirmed to by a Mets source that they have signed Venezuelan LHP Juan Urbina, son of former big leaguer Ugueth Urbina (pictured). I have also confirmed that the bonus is for over $1 million. I’ll try to track down the specific amount. Sources also indicate this will be the only Mets signing today.

No truth to the rumor that there’s a clause in Juan’s contract limiting him to switchblades instead of the family’s preferred machetes.  Ok, now that we’re done with horrible cheapshots, how about some scouting reports.

More from BP:

Urbina is a projectable lefty, and is the son of Ugueth Urbina. A number of teams are interested in him because of a fastball that’s hit 92 that he throws with solid command, as well as for his good feel for a breaking ball.

McDaniel reported a month ago that it was widely believed that Urbina had a deal in place with the Mets.

From Baseball America:

Juan Urbina pitches like the son of a former big league pitcher, as he shows advanced feel for pitching and the ability to throw strikes frequently. Urbina’s fastball sits at 88-89 mph and reaches 91 mph. With his loose arm, smooth delivery, clean followthrough and projectable, slender frame, Urbina should have at least a plus fastball in the future. His curveball is also advanced for his age and could be another future plus pitch. Urbina is expected to sign with the Mets, with projected bonus numbers rising from $700,000 to more recent estimates from scouts at $1.2 to $1.3 million.

Read those reports carefully and note that at present Urbina doesn’t have a plus offering.  The hope, as articulated by BA is that both his fastball and his curveball will be above average offerings.  Some pitchers add life to their fastball as they age, some don’t.  Such is the risk with signing all young players, including HS players in the draft, but the distance between the 16 year olds and what they can become is even greater.