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Intermap Announces Update on Continuous Disclosure Obligations
Intermap Announces Update on Continuous Disclosure Obligations Canada NewsWire D...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n\n\n\nIntermap Announces Update on Continuous Disclosure Obligations\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\n\nCanada NewsWire\nDENVER, May 14, 2020\n\n\n\nDENVER, May 14, 2020 /CNW/ - Intermap Technologies (\"Intermap\" or the \"Company\"), a global leader in geospatial intelligence solutions, today filed its audited annual financial statements for the year ended December 31, 2019, annual management's discussion and analysis for the corresponding period, related management certifications of annual filings and its annual information form. The documents are available on SEDAR at: www.sedar.com.\nThe Company has received loan proceeds of approximately $562 thousand under the Paycheck Protection Program (PPP) in the United States. The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act, provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after eight weeks if the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. The Company intends to use the proceeds for purposes consistent with the PPP. The Company confirms there have been no material undisclosed business developments since April 2, 2020.\nIntermap also announced that the Company is relying on the Canadian Securities Administrators blanket relief (Temporary Exemption from Certain Corporate Finance Requirements), which grants issuers an additional 45 days to complete certain regulatory filings (the \"Corporate Finance Exemption\"). Intermap is relying on the Corporate Finance Exemption for filing its interim financial statements for the quarter ended March 31, 2020 and the accompanying management's discussion and analysis under National Instrument 51-102 Continuous Disclosure Obligations, and the related CEO and CFO certifications under National I...