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Company News

BRIEF-UrtheCast doubts continuing as a going concern; reports Q4 loss of C$0.14 per share

April 3 (Reuters) - UrtheCast Corp:

* URTHECAST REPORTS FOURTH QUARTER AND FISCAL 2017 FINANCIAL RESULTS AND ANNOUNCES BROKERED PRIVATE PLACEMENT

* QTRLY LOSS PER SHARE C$0.14

* QTRLY REVENUE EXCLUDING NON-CASH REVENUE C$9.0 MILLION VERSUS C$11.7 MILLION

* COMPANY WILL NEED TO COMPLETE URTHEDAILY FINANCING IN ORDER TO PAY FOR ITS ONGOING COSTS OF OPERATIONS

* BASED ON FORECASTED CASH FLOWS FOR NEXT 12 MONTHS, CURRENT CASH FLOW FROM OPERATIONS MAY NOT BE SUFFICIENT TO COVER CO’S COMMITMENTS AND OBLIGATIONS

* AS AT MARCH 31, CO HAD LESS THAN C$7.5 MILLION IN CASH ON HAND, A DECREASE OF C$4.5 MILLION FROM PREVIOUSLY ANNOUNCED CASH POSITION OF C$12 MILLION AS AT FEB 28

* CO’S AUDITOR INDICATED EXISTENCE OF MATERIAL UNCERTAINTY THAT MAY CAST SIGNIFICANT DOUBT ABOUT CO’S ABILITY TO CONTINUE AS A GOING CONCERN

* MANAGEMENT CONCLUDED THAT THERE IS SIGNIFICANT DOUBT AS TO ABILITY OF URTHECAST TO CONTINUE AS A GOING CONCERN

* HAS RECEIVED PERMISSION FROM A SYNDICATE OF LENDERS TO RELEASE CERTAIN TERMS OF SENIOR SECURED FACILITY FOR URTHEDAILY PROJECT

* LOAN WILL MAKE AVAILABLE TO COMPANY US$142 MILLION IN TWO EQUAL DRAWDOWNS Source text for Eikon: Further company coverage:

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