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Intermap Technologies Agrees to Settle Outstanding Debt with Vertex One
Intermap Technologies Agrees to Settle Outstanding Debt with Vertex One Canada New...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n\n\n\nIntermap Technologies Agrees to Settle Outstanding Debt with Vertex One\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 22, 2019\n\n\n\nDENVER, May 22, 2019 /CNW/ - (TSX: IMP) (ITMSF: BB) – Intermap Technologies Corporation (\"Intermap\" or the \"Company\") today announced an agreement in principal (the \"Agreement\") with its single secured creditor and largest shareholder to settle all debt obligations (the \"Vertex Debt\"). As agreed, subject to obtaining new financing and the receipt of shareholder approval, the Vertex Debt managed by Vertex One Asset Management, Inc., in its capacity as portfolio manager for and on behalf of the Vertex Fund (\"Vertex\"), will be exchanged for newly-created perpetual Preferred Shares of the Company (\"Preferred Shares\"). \nIf converted, the Preferred Shares will carry a $10.8 million liquidation preference, subject to adjustments, depending upon the terms of any new debt funding secured by the Company. The conversion of the Vertex Debt effectively makes the collateral of the Company available for first priority financing from traditional working capital lenders, or an alternative capital provider.  \n\"By facilitating a realignment of its capital structure, our objective is to help the Company better position its financial strategy to generate growth, maximize financial returns for all its stakeholders, and meet customer needs. This agreement maximizes value by acknowledging Intermap's recent growth and customer support, and by making additional collateral available to encourage our continued expansion,\" commented Patrick Blott, Intermap's Chairman & CEO. \"As the Company rolls out offerings in new verticals, such as aviation, telecom, and government/DOD, we expect similar results to those we are achieving in insurance, and believe customers will benefit from exciting geospatial capabilities not currently available in the market.\"\nThe Agreement sets forth the terms on which Vertex will release its liens on the assets of the Company and convert its debt holdings to P...