UrtheCast says it is close to securing financing to launch a constellation of satellites capable of acquiring daily high-quality, multispectral imagery of locations taken at the same time from the same altitude.
Further to the update provided during its third quarter earnings release on November 14, 2017, the Company has evaluated multiple opportunities and selected an institutional investor with which it has entered into an exclusivity agreement on December 15, 2017 for the previously announced US$175 million financing for the development of the UrtheDaily™ Constellation.
The Company is currently working closely with the investor to finalize closing documentation as soon as practicable, with a target completion date for the financing extended to the end of January 2018. Completion is subject to final definitive documentation being completed and agreed, the lender’s completion of confirmatory due diligence and receiving approval of our Board of Directors.
Following funding, UrtheCast will have a path to the launch and commercialization of the UrtheDaily™ Constellation. With signed binding agreements for both data subscriptions totaling in excess of C$100 million, and a contract to build the UrtheDaily™ Constellation, the Company continues to target the commencement of the UrtheDaily™ operations in the 2020 growing season notwithstanding the extension of the financing closing date.
The company describes the constellation as follows:
UrtheDaily™ is a planned global coverage constellation aiming to acquire high-quality, multispectral imagery, at 5-m GSD, taken at the same time, from the same altitude every day. With its exceptional capabilities, it presents a disruptive and problem-solving technology that will transform the way we observe our planet.
The spacecraft, constellation and operations approach is expected to enable ultra-high sensor spectral calibration targeted specifically at geoanalytics applications to optimize the ability to reliably extract information from the imagery and to detect even subtle changes on the planet.
The spectral bands of the UrtheDaily™ constellation have been specifically selected to match Landsat-8/Sentinel-2/RapidEye/Deimos- 1 bands to ease the constant and automatic in-flight cross-calibration with trusted references, minimize the effects due to atmospheric variations, and to provide improved accuracy of key information products.