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.
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.
For further information: Sai Chu, Chief Financial Officer, UrtheCast Corp., +1 (604) 669-1788