Posted: Friday, February 1, 2019
UrtheCast Corp. (TSX: UR) ("UrtheCast" or the "Company") provides the following corporate updates:
Final Advance under US$12 Million Term Loan
UrtheCast has completed the final advance (the "Final Advance") in the principal amount of approximately US$4 million under its US$12 million term loan (the "Term Loan"). The Final Advance was advanced by Bolzano Investments Limited on the same terms and conditions as the initial advance under the Term Loan, and includes approximately US$550,000 of funds contributed by certain UrtheCast directors and executives.
We refer you to our news release dated January 14, 2019 for further details on the terms and conditions and use of proceeds of the Term Loan.
Deferral of Sabadell Loan Repayments
UrtheCast Imaging, S.L.U. ("UrtheCast Imaging"), a wholly-owned subsidiary of UrtheCast, has agreed with Banco de Sabadell S.A. ("Sabadell"), under its €25 million senior secured term loan dated December 11, 2015 (the "Sabadell Loan"), to revise previously negotiated principal repayment amounts and dates as follows: €0.3 million on January 31, 2019, €0.2 million on February 28, 2019, €0.5 million on May 29, 2019 and €1.5 million on July 31, 2019, which revisions will be incorporated through formal amendment to the Sabadell Loan.
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, 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. Additionally, UrtheCast is developing and expects to launch the world's first fully-integrated constellation of sixteen multispectral optical and SAR satellites, called OptiSAR™, and a satellite constellation designed to capture high-quality, medium- resolution optical imagery of the Earth's entire landmass (excluding Antarctica) every day, called UrtheDaily™. 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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