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VANCOUVER, Dec. 19, 2013 /CNW/ - UrtheCast Corp. (TSX:UR) ("UrtheCast" or the "Company") is pleased to announce that it has completed its previously announced bought deal public offering of common shares of the Company (the "Common Shares").

The Company issued a total of 4,545,500 Common Shares at a price of $2.20 per Common Share (the "Offering Price"), for aggregate gross proceeds of $10,000,100 (the "Offering"). The Offering was completed through a syndicate of underwriters comprised of Clarus Securities Inc., as lead underwriter, Cormark Securities Inc. and Canaccord Genuity Corp. (collectively, the "Underwriters"), pursuant to the terms of an underwriting agreement entered into between the Company and the Underwriters. In addition, the Company has granted the Underwriters an over-allotment option to purchase up to an additional 681,825 Common Shares at the Offering Price until January 18, 2014.

The Company intends to add the net proceeds from the Offering to the Company's working capital and anticipates that the net proceeds will primarily be used for commissioning and commercialization of the Company's cameras, regulatory and operational costs and development of infrastructure in furtherance of the Company's business plan, and for general corporate purposes.

About UrtheCast Corp.
UrtheCast Corp. is a Vancouver-based technology company that is developing the world's first near-live high-definition video feed of Earth, from space. Working with renowned aerospace partners from across the globe, UrtheCast has built, launched and expects to install and operate two cameras on the Russian segment of the International Space Station ("ISS"). Video and still image data captured by the cameras will be downlinked to ground stations across the planet and displayed on the UrtheCast web platform, or distributed directly to exclusive partners and customers. UrtheCast's cameras will provide high-resolution video and imagery of Earth that will allow for monitoring of the environment, humanitarian relief, social events, agricultural land, etc. UrtheCast's two cameras were launched into space on November 25 2013 and docked at the ISS on November 29, 2013. Common Shares of UrtheCast trade on the Toronto Stock Exchange as ticker 'UR'.

For more information visit our website at www.urthecast.com.

Forward Looking Information
This release contains certain information which, as presented, constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information involves statements that relate to future events and often addresses expected future business and financial performance, containing words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions and includes, but is not limited to, statements about the intended use of proceeds of the Offering, as well as statements about the timing and success of the mounting and commissioning of our cameras on the ISS; plans to operate camera components on, and stream video footage from, the ISS; proposed image and video product offerings and expected partners and customers to distribute such products. Forward-looking statements and information are based on a number of assumptions which may prove to be incorrect. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of UrtheCast to control or predict, and which may cause the UrtheCast's actual results, performance or achievements to be materially different from those expressed or implied thereby, including, but not limited to, damage to the cameras during launch or once mounted on the ISS, unexpected changes in Russian or Canadian government policies, technology changes, reliance on key personnel, the potential for conflicts of interest among certain officers, directors or promoters with certain other projects, competition, risks related to the business activities of Longford Energy Inc. prior to the Transaction, as well as those factors discussed in the Company's annual information form dated November 14, 2013, (the "AIF") and the Company's short form prospectus in respect of the Offering dated December 12, 2013 (the "Prospectus") which is available under UrtheCast's SEDAR profile at www.sedar.com. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, in the AIF and Prospectus, and as otherwise disclosed from time to time on UrtheCast's SEDAR profile.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and UrtheCast undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as may be required by applicable Canadian securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements.

SOURCE UrtheCast Corp.