VANCOUVER, Oct. 1, 2018 /CNW/ - UrtheCast Corp. UR ("UrtheCast") is pleased to announce that 1112099 B.C. Ltd. (the "Lender"), the backstop party which entered into the conditional backstop agreement with UrtheCast in connection with the private placement that closed on May 3, 2018, has funded US$5 million to UrtheCast as an advance under the revolving credit facility of up to US$20 million expected to be entered into between UrtheCast and the Lender in the fourth quarter of 2018. The US$5 million advance was made under an unsecured demand promissory note which bears 14% interest per annum and contains terms and conditions customary for a loan of this size and nature.

The full US$20 million revolving credit facility, which was previously announced on August 14, 2018, remains subject to, among other things, the completion and entering into of definitive documentation and the receipt of all necessary consents and approvals. In consideration for the advance, UrtheCast has paid the Lender a fee of $100,000. 

About UrtheCast

UrtheCast Corp. is a Vancouver-based company that serves the rapidly growing and evolving geospatial and geo-analytics markets with a wide range of information-rich products and services. The Company currently owns and operates two Earth Observation (EO) satellites, Deimos-1 and Deimos-2. Together with its exclusive partnerships, spanning an additional 20 satellites, UrtheCast processes and distributes imagery data and value-added products on a global scale to partners and customers in multiple markets. UrtheCast is also launching UrtheDaily™, a satellite constellation that will be the most advanced change detection system in the world, designed to capture daily, scientific grade, high-quality, medium resolution optical imagery of the Earth's entire landmass (excluding Antarctica). UrtheCast is also developing OptiSAR™, a constellation of SAR satellites which, together with UrtheDaily™, will form the world's first fully-integrated optical and SAR constellation. 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", "plan", "explore" and "expect", statements that an action or event "may", "should" or "will" be taken or occur, or other similar expressions and includes, but is not limited to: UrtheCast's expected completion and entering into of the definitive documentation on the terms set out in this press release or at all; and UrtheCast's expected receipt of all necessary consents and approvals in connection with the revolving credit facility. 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 as at the date of this press release, 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 complete and enter into definitive documentation relating to the revolving credit facility; UrtheCast's inability to obtain receipt of all necessary consents and approvals for the revolving credit facility; 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.

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