DENVER, Jan. 16, 2015 /CNW/ - (TSX:IMP) - Intermap Technologies Corporation ("Intermap" or the "Company"), announces that on January 14, 2015, it completed a private placement debt financing for aggregate proceeds of US$500,000 (the "Debt Financing").
The Debt Financing matures on January 14, 2016. Simple interest is payable at maturity at an annual rate of 18.0%. In addition, the Company undertook to issue up to 6,000,000 warrants to purchase common shares of the Company, upon and subject to TSX approval. Details with respect to the issuance of the warrants will be provided in due course.
The Debt Financing is subject to a prepayment right by the Company at 118% of the principal amount at any time from the date of closing, subject to a 60 day notice period.
The proceeds of the Debt Financing will be used by the Company for general operating purposes.
Intermap also announces that further to its press release dated December 31, 2014, it has re-priced the exercise price of 4,597,443 previously-issued warrants to C$0.08 per warrant (for additional details, please refer to the Company's press release dated December 31, 2014).
About Intermap Technologies
Headquartered in Denver, Colorado - Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand with its secure, cloud based Orion Platform™. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location- based solutions for customers in diverse markets around the world. For more information please visit www.intermap.com.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect"," project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. You can find a discussion of such risks and uncertainties in our Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
SOURCE Intermap Technologies Corporation
For further information: Intermap Technologies, Rich Mohr, Senior Vice President & Chief Financial Officer, [email protected], +1 (303) 708-0955