/THIS NEWS RELEASE IS INTENDED FOR
DISTRIBUTION IN CANADA ONLY AND IS
NOT AUTHORIZED FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES./
VANCOUVER, March 22, 2017 /CNW/ - UrtheCast Corp. (TSX:UR)
("UrtheCast" or the "Company") announced today that it has closed
its previously-announced bought deal public offering of 13,033,341
common shares ("Common Shares") of the Company (the "Offering").
The Common Shares were issued at a price of $1.50 per Common Share, for aggregate gross
proceeds of C$19,550,012. The net
proceeds from the Offering will be added to the Company's working
capital.
The Offering was conducted by a syndicate of underwriters co-led
by Clarus Securities Inc. and Canaccord Genuity Corp. and including
Raymond James Ltd. and Eight Capital (collectively, the
"Underwriters"), pursuant to the terms of an underwriting agreement
between the Company and the Underwriters. The Offering included the
exercise-in-full by the Underwriters of the over-allotment option
of 1,700,001 Common Shares.
The Common Shares were offered pursuant to a short-form
prospectus filed on March 16, 2017
with securities regulatory authorities in the each of the Provinces
of Canada, other than Québec.
The Common Shares have not been, and will not be, registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any U.S. state securities laws, and may
not be offered or sold in the United
States or to U.S. Persons without registration under the
U.S. Securities Act and all applicable state securities laws or in
compliance with the requirements of an applicable exemption
therefrom. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy securities in the United States, nor shall there be any sale
of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
ABOUT URTHECAST CORP.
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, including two
satellites, Deimos-1 and Deimos-2, to produce imagery data that is
displayed on UrtheCast's cloud-based web platform and sold to
partners and customers. Through its subsidiary Deimos Imaging,
UrtheCast processes and distributes imagery data and value-added
products on behalf of the PanGeo Alliance, a network of eight
satellite operators with a combined 15 medium- and high-resolution
EO sensors. UrtheCast is also developing and expects to launch two
EO satellite constellations: the world's first fully-integrated
constellation of sixteen multispectral optical and SAR satellites,
called OptiSAR(, and an eight-satellite constellation
designed to capture high-quality, medium-resolution optical imagery
of the Earth's entire landmass (excluding Antarctica) every day, called
UrtheDaily). Together, the Company believes these
constellations will revolutionize monitoring of our planet with
medium- and high-resolution, high-coverage and high-revisit imagery
in all weather conditions. Common shares of UrtheCast trade on the
Toronto Stock Exchange as ticker 'UR'.
For more information, visit UrtheCast's 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 "believe" and "expect", statements that an
action or event "will" occur, or other similar expressions and
includes statements relating to UrtheCast's expectations with
respect the intended uses of proceeds from the Offering, its
current sensors and proposed OptiSAR and
UrtheDaily constellations. Such statements
reflect UrtheCast's current views with respect to future events and
are necessarily based upon a number of estimates and assumptions
that, while considered reasonable by UrtheCast, are inherently
subject to significant uncertainties and contingencies. Many
factors could cause UrtheCast's actual results or achievements to
be materially different from any future results or achievements
that may be expressed or implied by such forward-looking
statements, including, among others: any delays or failures in the
design, development, construction, launch or operational
commissioning of the proposed OptiSAR
or UrtheDaily constellations; failures aboard the
Deimos-1 or Deimos-2 satellites; and any interruption or decline of
the PanGeo Alliance, as well as those factors and assumptions
discussed in UrtheCast's annual information form dated March 29, 2016, (the "AIF"), 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 as disclosed from
time to time on UrtheCast's SEDAR profile. UrtheCast undertakes no
obligation to update forward-looking statements except as required
by Canadian securities laws. Readers are cautioned against
attributing undue certainty to forward-looking statements.
SOURCE UrtheCast Corp.