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Intermap Technologies Announces US$2.0 Million Bridge Financing and Appointment of New Directors
Intermap Technologies Announces US$2.0 Million Bridge Financing and Appointment of New Dir...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n\n\n\nIntermap Technologies Announces US$2.0 Million Bridge Financing and Appointment of New Directors\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 Technologies Announces US$2.0 Million Bridge Financing and Appointment of New Directors\nCanada NewsWire\nDENVER, July 13, 2016\n\n\n\nDENVER, July 13, 2016 /CNW/ - Intermap Technologies Corporation (\"Intermap\" or the \"Company\"), (TSX: IMP), (BB: ITMSF), a global provider of location based solutions, today announced that it has entered into a non-brokered US$2.0 million promissory note (the \"Note\") with Vertex One Asset Management Inc. (\"Vertex\") of Vancouver, BC, and has added Patrick Blott and Cary Ludtke to its Board of Directors.\n\nThe Note bears interest at 15% per annum and matures on the earlier of (i) July 8, 2017, or (ii) the date on which a down payment from a material geospatial project is received by the Company. The Company intends to use the proceeds of the Note as working capital to carry out existing mapping services contracts and to bridge cash flows until the commencement of one of the Company's data acquisition projects, including the previously announced $175 million spatial data infrastructure (SDI) project, the update for which was issued in a press release on July 5, 2016. In conjunction with the Note, the Company has agreed to Vertex appointing Patrick Blott and Cary Ludtke to the Company's Board of Directors, replacing Larry Garberding and Donald Gardner. \n\n\"We are very pleased to welcome Patrick and Cary to our Board,\" said Todd Oseth, President and CEO of Intermap Technologies. \"They bring a wealth of transactional and operational experience that will be an asset to the Company as it transitions into growth. I would also like to take this opportunity to express the Company's gratitude and appreciation for the service of Larry and Don, and their valuable contributions over the years.\"\n\nPatrick Blott is the co-founder and managing partner of Blott Asset Management, LLC, a private investment holding company. Since 1992, Patrick has led investments to support growth and re...