UrtheCast Corp. announced the closing of a $2.0 million ($1.55 million) financing (the financing) with SMF Investments Limited (the lender). The Company also provides a corporate update. The Financing consists of an unsecured convertible debenture of the Company in the principal amount of $2,025,773 (the Convertible Debenture). The Convertible Debenture accrues interest at a rate of 17% per annum, has a maturity date of March 31, 2020, and is convertible into common shares of the Company (Common Shares) at the option of the Lender, at any time prior to the maturity date at a conversion price equal to $0.32 per Common Share (the Original Conversion Price). The Original Conversion Price is 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 conversion price shall be reduced to such lower price but not less than $0.24. In the event of default under the Convertible Debenture, the Lender will receive a license to certain intellectual property of the Company. In connection with the Financing, the Company paid the Lender a 3% finance fee from the proceeds of the Financing and issued to the Lender 4,171,677 Common Share purchase warrants of the Company having an expiry date of January 27, 2025 and an exercise price of $0.48 per Common Share (the Original Exercise Price). The Original Exercise Price is 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 but not less than $0.32, subject to approval from the TSX. Effective January 15, 2020, the lenders of the previously announced $12.0 million term loan entered into on January 14, 2019 (the Term Loan) extended the maturity date of the Term Loan to April 14, 2020 (the Extension). In connection with the Extension, an aggregate extension fee of $200,000 is payable to the lenders. The Company is in constructive discussions with its lenders for extensions of the maturity dates under the Company's (i) $1.5 million secured term loan entered into in June 2019, (ii) $1.5 million secured term loan entered into in July 2019 and (iii) convertible debentures in the aggregate principal amount of CAD 6.6 million issued in September 2019. The Company and Land O'Lakes have agreed in principal to further defer the remaining $4.25 million balance of the second instalment for the Geosys acquisition, which is due by February 14, 2020, such that $0.75 million is to be paid on April 1, 2020 through a setoff of amounts owed by Land O'Lakes under its 13-year services agreement and $3.5 million is to be paid by May 14, 2020.