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by Stockwatch Business Reporter

The TSX Venture Exchange lost 3.08 points to 528.42 Wednesday. One of the TSX-V's best known shell graduates, Scott and Wade Larson's UrtheCast Corp. (UR), fell 39 cents to $1.87 on 2.19 million shares after releasing its third quarter financial results. The company, which operates cameras attached to the International Space Station and offers an out-of-this-world feed from the cameras to its website, disappointed shareholders today by posting a loss of $11.94-million on revenue of $15.01-million. The company had working capital of about $9.5-million on Sept. 30.

Fortunately, UrtheCast's promoters have proven to be capable money raisers, even in the current market. Earlier this year, the company signed a deal to acquire Elecnor SA's Deimos Imaging and DOT Imaging satellites for 74.2 million euros (plus working capital adjustments). UrtheCast had planned to finance the deal through a $50-million private placement of subscription receipts priced at $4 and the rest through debt, but with much investor interest, the company increased the financing amount to $86.5-million. In July, when it finally closed the private placement, it sold 24,868,750 subscription receipts at $4 for $99.47-million. It was able to complete the purchase without taking on any debt.

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