UrtheCast secures $1.5 million in a new term loan 

UrtheCast has entered into a US$1.5 million term loan with Lunar Ventures

UrtheCast secures $1.5 million in a new term loan 
UrtheCast secures $1.5 million in a new term loan 

UrtheCast secures $1.5 million in a new term loan 

UrtheCast has entered into a US$1.5 million term loan (the "New Term Loan") with Lunar Ventures through 1185781 B .C. Ltd. (the "Borrower"), a wholly-owned subsidiary of the Company. The New Term Loan: (i) accrues interest at a rate of 17% per annum; (ii) has a maturity date of January 15, 2020 ; and (iii) is secured by all of the assets owned by the Borrower and any net proceeds from the proposed sale of the Company's Deimos assets, if and when such sale is completed. The proceeds of the New Term Loan will be used for general corporate purposes.

In satisfaction of conditions required by the lender, the Borrower has paid Lunar a finance fee in the amount of US$45,000 and UrtheCast agreed to issue to Lunar 10,560,000 common share purchase warrants of UrtheCast having a maturity date of June 26, 2024 and an exercise price of $0.48 per common share (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 exercise price shall be reduced to such lower price), subject to approval from the TSX.

UrtheCast Imaging, S.L.U., a wholly-owned subsidiary of UrtheCast, has agreed with Banco de Sabadell S.A., under its €25 million senior secured term loan dated December 11, 2015 (the "Sabadell Loan"), to defer a previously negotiated principal repayment of €1.5 million from July 31, 2019 to August 31, 2019 .