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UrtheCast Announces Release of Brokered Private Placement Proceeds from Escrow, Completion of Syndication of the UrtheDaily Facility

Press Release From: UrtheCast
Posted: Monday, May 28, 2018

UrtheCast Corp. (TSX: UR) ("UrtheCast") is pleased to announce the release from escrow to UrtheCast of gross proceeds of approximately $16.7 million from the brokered private placement that closed on May 3, 2018 and the completion of the syndication of the US$142 million senior secured credit facility (the "UrtheDaily Facility") by the lender thereunder, an investment vehicle managed by Sound Point Capital Management, LP. The syndication satisfies one of the conditions precedent to the first drawdown of the UrtheDaily Facility, as previously announced by the Company on May 18, 2018. UrtheCast is also pleased to announce the appointment of Mark Piegza and Adam Vore to the Board of Directors of UrtheCast, subject to customary Toronto Stock Exchange approval. 

The escrow release conditions for the brokered private placement of subscription receipts were satisfied on May 18, 2018 upon UrtheCast signing the credit agreement for the UrtheDaily Facility and obtaining a receipt for a final prospectus qualifying the distribution of notes and warrants underlying the subscription receipts. The subscription receipts have converted into notes and warrants effective as of May 25, 2018.

Under the backstop agreement dated May 3, 2018 between 1112099 B.C. Ltd. (the "Backstop Party") and UrtheCast, the Backstop Party has exercised its right to appoint Messrs. Piegza and Vore to the Board. The Company will include both directors as director nominees in its management information circular for election at its upcoming annual and special meeting of shareholders to be held on June 25, 2018.

Mr. Piegza has over 25 years of investment banking and advisory experience in the technology, media and telecommunications industries. Mr. Piegza is the founder and President of Convergence Advisors LLC, an advisory firm serving clients in the telecommunications, media, and technology industries, and the co-founder, Chief Financial Officer and a director of U.S. Space LLC, which offers a broad portfolio of dedicated, commercial space solutions, including MilSatCom, mobile communications and in-orbit servicing. Previously, Mr. Piegza was a Managing Director in the Technology, Media & Telecommunications Group at Banc of America Securities from 2002 until 2007 where he had global responsibility for the satellite sector. Prior to joining Banc of America Securities, Mr. Piegza held senior positions at UBS's Media Group, Donaldson, Lufkin & Jenrette and Credit Suisse First Boston, in each case with a focus on the satellite, media and telecom industries.  Mr. Piegza holds an MBA from the Wharton School of the University of Pennsylvania and a B.S. in Finance from the University of Illinois.

Mr. Vore is a Managing Director in the Investment Banking Group of Seaport Global. Mr. Vore brings numerous years of experience in Investment Banking. Prior to Seaport Global, Mr. Vore was a Managing Director at Stifel, Nicolaus & Company and, prior to that, Bank of America Merrill Lynch. He has received numerous industry awards, including Deal of the Year from The Banker magazine and Most Innovative Deal of the Year from Marine Money. Mr. Vore holds an MBA in Investment Banking from Wake Forest University.

About UrtheCast

UrtheCast Corp. is a Vancouver-based technology company that serves the rapidly evolving geospatial and geoanalytics markets with a wide range of information-rich products and services. The Company operates Earth Observation (EO) sensors in space, through its subsidiary Deimos Imaging, S.L.U., including two satellites, Deimos-1 and Deimos-2, to produce imagery data for partners and customers in multiple markets. UrtheCast processes and distributes imagery data and value-added products on behalf of the PanGeo Alliance, a network of seven satellite operators with a combined 13 medium- and high-resolution EO sensors. UrtheCast is developing a satellite constellation designed to capture high-quality, medium resolution optical imagery of the Earth's entire landmass (excluding Antarctica) every day, called UrtheDaily™. UrtheCast is also developing the world's first fully-integrated constellation of sixteen multispectral optical and SAR satellites, called OptiSAR™. Common shares of UrtheCast trade on the Toronto Stock Exchange as ticker "UR".

For more information, visit UrtheCast's website at www.urthecast.com.

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