Mr. Sai Chu reports
URTHECAST PROVIDES CORPORATE UPDATE
Urthecast Corp. has provided the following corporate updates.
Final advance under $12-million (U.S.) term loan
Urthecast has completed the final advance in the principal amount of approximately $4-million (U.S.) under its $12-million (U.S.) term loan. The final advance was advanced by Bolzano Investments Ltd. on the same terms and conditions as the initial advance under the term loan, and includes approximately $550,000 (U.S.) of funds contributed by certain Urthecast directors and executives.
Please refer to the company's news release dated Jan. 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 SLU, a wholly owned subsidiary of Urthecast, has agreed with Banco de Sabadell SA, under its 25-million-euro senior secured term loan dated Dec. 11, 2015, to revise previously negotiated principal repayment amounts and dates as follows: 300,000 euros on Jan. 31, 2019, 200,000 euros on Feb. 28, 2019, 500,000 euros on May 29, 2019, and 1.5 million euros on July 31, 2019, which revisions will be incorporated through formal amendment to the Sabadell loan.
About Urthecast Corp.
Urthecast 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.
We seek Safe Harbor.
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