Posted: Thursday, February 1, 2018
Further to the update provided on December 29, 2017, the Company confirms that it is continuing to work exclusively with the selected institutional investor to close the previously announced financing for the UrtheDailyTM Constellation. While the Company and the investor continue to work towards closing the financing in the near term, definitive documentation will not be completed by the targeted date of January 31, 2018.
"While we will require additional time to conclude the financing, we are pleased with the progress made to date and are working towards closing the financing in the near term. We continue to believe the financing will unlock substantial value for our shareholders, customers and partners," said Sai Chu UrtheCast's CFO.
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.
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