04:20:53 EST Tue 28 Jan 2020
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Urthecast Corp
Symbol UR
Shares Issued 134,138,982
Close 2019-09-11 C$ 0.155
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Urthecast closes $6.6M financing with lender Vine Rose

2019-09-11 23:51 ET - News Release

Mr. Sai Chu reports


Urthecast Corp. has closed a $6.6-million ($5.0-million (U.S.)) financing with Vine Rose Ltd. (the lender), consisting of a senior unsecured convertible debenture of the company in the principal amount of $2,979,538 and a senior unsecured non-convertible debenture of the company in the principal amount of $3,620,462. The company also provides an update on its term loan with its Spanish lender.

$6.6-million financing

The convertible debenture accrues interest at a rate of 17 per cent per annum, has a maturity date of Oct. 31, 2019, and is convertible into common shares of the company at the option of the lender, at any time prior to the maturity date at a conversion price equal to 32 cents per common share. The original conversion price is subject to adjustment in certain circumstances, including if the company issues any common shares or securities convertible into common shares (other than pursuant to its equity incentive plan) at a lower price, in which case the conversion price shall be reduced to such lower price but not less than 24 cents, subject to approval from the Toronto Stock Exchange.

The debenture accrues interest at a rate of 17 per cent per annum and also has a maturity date of Oct. 31, 2019.

In connection with the financing, the company paid the lender a 3-per-cent finance fee in the amount of $150,000 (U.S.).

The proceeds of the financing will be used primarily toward the partial satisfaction of the deferred consideration payable to Land O'Lakes Inc. for the acquisition of Geosys, professional fees related to the expected financing of the UrtheDaily constellation and debt service costs.

Corporate update

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 further defer a previously negotiated principal repayment of 1.5 million euros from Aug. 31, 2019, to Sept. 30, 2019.

About Urthecast Corp.

Urthecast is a Vancouver-based company that serves the rapidly growing and evolving geospatial and geoanalytics markets with a wide range of information-rich products and services.

We seek Safe Harbor.

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