VANCOUVER, Feb. 1, 2019 /CNW/ - 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.
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, 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.
Forward Looking Information
This release contains certain information which, as
presented, constitutes "forward-looking information" or
"forward-oriented financial 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", "target",
"estimate", "expect" and "guidance", statements that an action or
event "may", "might", "could" or "will" be taken or occur, or other
similar expressions and includes, but is not limited to, statements
relating to: UrtheCast's expectations with respect to repayment of
the Term Loan; UrtheCast's expectations with respect to the
repayment of the Sabadell Loan; and UrtheCast's expectations of
raising additional capital and continuing as a going concern. Such
statements reflect UrtheCast's current views with respect to future
events. Such statements 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,
performance or achievements to be materially different from any
future results, performance, or achievements that may be expressed
or implied by such forward-looking statements, including, among
others: UrtheCast's inability to repay the Term Loan; UrtheCast's
inability to repay the Sabadell Loan; UrtheCast's inability to
access additional capital and continue as a going concern; as well
as those factors and assumptions discussed in UrtheCast's annual
information form dated April 2, 2018,
which is available under UrtheCast's SEDAR profile at
www.sedar.com. UrtheCast cautions readers that such factors and
uncertainties are not exhaustive and that should certain risks or
uncertainties materialize, or should underlying estimates or
assumptions prove incorrect, actual results, performance or
achievements may vary significantly from those expected. There can
be no assurance that the actual strategies, results, performance,
events or activities anticipated by the Company will be realized
or, even if substantially realized, that they will have the
expected consequences to, or effects on, the Company. 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.