Business
Intermap Completes US$5.0 Million Convertible Debt Financing
DENVER , Feb. 7, 2014 /CNW/ - (TSX: IMP) - Intermap Technologies Corporation (" Interm...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n\n\nDENVER, Feb. 7, 2014 /CNW/ - (TSX: IMP) - Intermap Technologies Corporation (\"Intermap\" or the \"Company\"), is pleased to announce that on February 7, 2014, it completed a\n previously announced private placement convertible debt financing for\n aggregate proceeds of US$5,000,000 (the \"Debt Financing\").\n\n\nThe Debt Financing matures 12 months from the date of issuance and the\n principal amount is convertible into common shares of the Company (the\n \"Common Shares\") at each of the holder's option at a price of C$0.45 per Common Share.\n Simple interest is payable at maturity at an annual rate of 16.0%. If\n the principal amount is converted into Common Shares, any interest\n payable on such principal amount shall be forgiven and the Company\n shall cease to owe, and each of the holders shall cease to have any\n right to payment of, any interest amount. In addition, an aggregate of\n 3,091,572 warrants were issued to a holder of the convertible debt,\n entitling such holder to purchase up to 3,091,572 Common Shares at a\n price of C$0.56 per share. The warrants expire in three years and are\n subject to adjustment in certain events.\n\n\nThe Debt Financing is subject to a prepayment right by the Company at\n 116% of the principal amount at any time following six months from the\n date of closing, subject to a 60 day notice period and each of the\n holder's right to exercise its conversion rights during any such notice\n period.\n\n\nThe proceeds of the Debt Financing will be used by the Company to\n accelerate the development and market introduction of its RiskPro and\n GeoPro 3D Business Intelligence software products for governments,\n enterprises and consumers.\n\n\nAbout Intermap Technologies\n\n\nHeadquartered in Denver, Colorado - Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand with its\n secure, cloud based Orion Platform™. Through its powerful suite of 3DBI\n applications and proprietary development of contiguous databases that\n fuse volumes of geospatial data into a single source, the Orion\n Platform is able to provide location- based solutions for customers in\n diverse markets around the world. For more information please visit www.intermap.com.\n\n\nIntermap Reader Advisory\n\n\nCertain information provided in this news release constitutes\n forward-looking s...