- 2 years ago

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Vancouver’s UrtheCast has announced that it has completed its previously announced bought deal public offering of common shares of the company.

The Company issued a total of 4,545,500 common shares at a price of $2.20 per share, for gross proceeds of $10 million. The offering was completed through a syndicate of underwriters comprised of Clarus Securities, as lead underwriter, Cormark Securities and Canaccord Genuity, pursuant to the terms of an underwriting agreement entered into between the company and the Underwriters.

Urthecast intends to add the net proceeds from the offering to the company’s working capital and anticipates that the net proceeds will primarily be used for commissioning and commercialization of the company’s cameras, regulatory and operational costs and development of infrastructure in furtherance of the company’s business plan, and for general corporate purposes.