UrtheCast acquires earth observation satellites and related business operations from Elecnor

On July 15, 2015, UrtheCast Corp. completed its acquisition of the earth observation business of Elecnor, S.A., which was accomplished by purchasing all of the outstanding shares of Deimos Imaging, S.L.U. and DOT Imaging, S.L.U. from Elecnor, S.A. for an aggregate price of €76.4 million. In addition to the ownership and operation of the Deimos-1 and Deimos-2 earth observation satellites, UrtheCast Corp. acquired satellite operations related to the collection, storage, processing, analysis, distribution, and licensing of imagery captured by these and other satellites.

The acquisition was funded, in part, from the net proceeds of an underwritten public offering of 24,868,750 subscription receipts, raising aggregate gross proceeds of C$99,475,000, which closed on July 7, 2015. 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 that was led by Raymond James Ltd. and also included Canaccord Genuity Corp., Clarus Securities Inc., Cormark Securities Inc. and Dundee Securities Ltd.

UrtheCast Corp.’s in-house team was led by Chris Hoeschen and included Tolek Strukoff on both transactions.

With respect to the acquisition: Blake, Cassels & Graydon LLP acted as Canadian counsel to UrtheCast Corp. with a team that was led by Cheryl Slusarchuk and also included Bruce Rose-Innes and Gavin Mah.

Bird & Bird LLP in Madrid acted as Spanish counsel to UrtheCast Corp. with a team that was led by Lourdes Ayala and also included Marta Rodriguez. The firm’s London office acted as regulatory counsel to UrtheCast Corp. with a team led by Joanne Wheeler.

Elecnor, S.A.’s in-house team was led by Pedro Enrile Mora-Figueroa.

Ernst & Young Abogados, S.L.P. acted as Spanish counsel to Elecnor, S.A. with a team that was led by Carmen Esteban Garcia-Bernalt and Jose Dominguez Leandro.

With respect to the public offering: Blake, Cassels & Graydon LLP acted as Canadian counsel to UrtheCast Corp. with a team that was led by Joseph Garcia and also included Cheryl Slusarchuk, Karim Amlani, Garrett Lee and Evan Straight (corporate and securities) and Kevin Zimka (tax).

Dorsey & Whitney LLP acted as US counsel to UrtheCast Corp. with a team that was led by Christopher Doerksen and also included Kimberley Anderson and Clint Foss.

Wildeboer Dellelce LLP acted as counsel to the underwriters with a team that was led by Derek Sigel and also included Mack Hosseinian (corporate and securities) and Kevin Fritz (tax).