July 8, 2015 — UrtheCast Corp. (TSX:UR) (“UrtheCast” or the “Company”) announced today that it has closed its previously announced prospectus offering (the “Offering”) of 24,868,750 subscription receipts of the Company (“Subscription Receipts”), raising aggregate gross proceeds of $99,475,000. The Subscription Receipts were offered on a “bought deal” basis at a price of $4.00 per Subscription Receipt.
The Offering was conducted by a syndicate of underwriters led by Raymond James Ltd. and including Canaccord Genuity Corp., Clarus Securities Inc., Cormark Securities Inc. and Dundee Securities Ltd. (collectively, the “Underwriters”). The Offering included the exercise in full of the over-allotment option granted to the Underwriters.
The net proceeds from the Offering will be used by UrtheCast to fund, in part, the purchase price of the previously announced acquisition of Elecnor, S.A.’s Earth Observation business (the “Acquisition”), which, subject to the satisfaction of certain closing conditions, is expected to close on or before August 21, 2015. Further details concerning the Subscription Receipts and the Acquisition are set out in the Company’s press releases dated June 22, 2015 and entitled “UrtheCast Corp. to Raise $100 Million of New Capital in Conjunction with Acquisition of the Earth Observation Business of Elecnor, S.A.” and “UrtheCast To Acquire the Deimos Imaging Earth Observation Business from Elecnor, S.A.”, respectively, the investor presentation dated June 22, 2015 and the prospectus supplement dated June 24, 2015, each of which is filed on UrtheCast’s SEDAR profile at www.sedar.com.
The Subscription Receipts are listed on the Toronto Stock Exchange under the symbol “UR.R”.
This press release does not constitute an offer of securities for sale in the United States. The Subscription Receipts and the Common Shares issuable upon exchange thereof have not been, and will not be, registered under the U.S. Securities Act and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.