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UrtheCast Closes $19.6 Million Financing
Friday, March 24, 2017Company Profile | Follow Company
Vancouver, BC, March 24, 2017--(T-Net)--UrtheCast Corp. (TSX:UR) announced today that it has closed its previously-announced bought deal public offering of 13,033,341 common shares of the Company for aggregate gross proceeds of approximately $19.6 million
The net proceeds from the Offering will be added to the Company's working capital.
UrtheCast 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.
The company's share 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.
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.
Contact
Jeff Rath
EVP, Corporate Finance and Strategy
(604) 669-1788
RELATED LINKS
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.
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