Business
Intermap Announces Debt Restructuring and US$5 Million Debt Financing with Vertex One Asset Management
Intermap Announces Debt Restructuring and US$5 Million Debt Financing with Vertex One Asse...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n\n\n\nIntermap Announces Debt Restructuring and US$5 Million Debt Financing with Vertex One Asset Management\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nIntermap Announces Debt Restructuring and US$5 Million Debt Financing with Vertex One Asset Management\nCanada NewsWire\nDENVER, April 15, 2016\n\n\n\nDENVER, April 15, 2016 /CNW/ - Intermap Technologies Corporation (\"Intermap\" or the \"Company\"), (TSX: IMP), (ITMSF: BB), a leading provider of geospatial solutions, today announced that it has entered into an agreement with its senior lender, pursuant to which three of its outstanding promissory notes, which were to become due and payable in April 2016, were restructured and consolidated, together with an additional advance of $5,000,000, into a new promissory note that bears interest at 15% per annum, with a maturity date of October 11, 2016.\n\nThe material terms of the debt restructuring are as follows (all $ amounts shown are in USD):\n\n\nPromissory note dated April 1, 2015 (the \"First Note\"), in the principal amount of $1,500,000, bearing interest at 20% per annum ($309,041 in accrued interest), was cancelled. \nPromissory note dated April 27, 2015 (the \"Second Note\"), in the principal amount of $2,500,000, bearing interest at 20% per annum ($479,452 in accrued interest), was cancelled. \nPromissory note dated July 9, 2015 (the \"Third Note\"), in the principal amount of $3,000,000, bearing interest at 15% per annum ($341,506 in accrued interest), was cancelled. \nThe principal amounts and accrued interest due under the First Note, the Second Note and the Third Note were restructured and consolidated, together with an additional $5,000,000 debt financing, into a new note dated April 12, 2016 (the \"Restructured Note\"), in the principal amount of $13,130,000, bearing interest at 15% per annum, with a maturity date of October 11, 2016, subject to a prepayment right by the Company at 107.5% of the principal amount at any time upon delivery of a 30 day prior written notice. \nThe Restructured Note is secured by way of a first priority lien over all of...