Posted: Monday, October 1, 2018
UrtheCast Corp. (TSX: UR) ("UrtheCast") is pleased to announce that 1112099 B.C. Ltd. (the "Lender"), the backstop party which entered into the conditional backstop agreement with UrtheCast in connection with the private placement that closed on May 3, 2018, has funded US$5 million to UrtheCast as an advance under the revolving credit facility of up to US$20 million expected to be entered into between UrtheCast and the Lender in the fourth quarter of 2018. The US$5 million advance was made under an unsecured demand promissory note which bears 14% interest per annum and contains terms and conditions customary for a loan of this size and nature.
The full US$20 million revolving credit facility, which was previously announced on August 14, 2018, remains subject to, among other things, the completion and entering into of definitive documentation and the receipt of all necessary consents and approvals. In consideration for the advance, UrtheCast has paid the Lender a fee of $100,000.
UrtheCast Corp. is a Vancouver-based company that serves the rapidly growing and evolving geospatial and geo-analytics markets with a wide range of information-rich products and services. The Company currently owns and operates two Earth Observation (EO) satellites, Deimos-1 and Deimos-2. Together with its exclusive partnerships, spanning an additional 20 satellites, UrtheCast processes and distributes imagery data and value-added products on a global scale to partners and customers in multiple markets. UrtheCast is also launching UrtheDaily™, a satellite constellation that will be the most advanced change detection system in the world, designed to capture daily, scientific grade, high-quality, medium resolution optical imagery of the Earth's entire landmass (excluding Antarctica). UrtheCast is also developing OptiSAR™, a constellation of SAR satellites which, together with UrtheDaily™, will form the world's first fully-integrated optical and SAR constellation. 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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