Urthecast closes $19.6 million offering of common shares

urthecast

Vancouver-based Urthecast has raised $19.6 million through a previously-announced bought deal public offering of 13,033,341 common shares.

The common shares were issued at a price of $1.50 per common share, for aggregate gross proceeds of $19,550,012. The net proceeds from go towards Urthecast’s working capital.

Last week, Urthecast received $17.6 million from the Innovation, Science and Economic Development Canada’s Industrial Technologies Office, through its Strategic Aerospace and Defence Initiative (SADI). The company planned to use the funding to develop technology that equips a group of satellites, known as OptiSAR, for Earth observation, and make the data and high-resolution images of the planet easier to use for its customers.

“This is a clear vote of confidence in UrtheCast and we believe it further validates the strategic and commercial opportunities of our SAR and optical satellite technologies,” Wade Larson, UrtheCast president and CEO, said at the time. “Today marks an important step forward for the OptiSAR Constellation, and we believe the technologies we are developing through this program will be beneficial, not only for UrtheCast, but for the rest of the A&D sector and high-tech ecosystem in Canada in general.”