Offering with Vertex includes 17.5% royalty on company’s net revenues
By Devika Patel
Knoxville, Tenn., Feb. 26 – Intermap Technologies Corp. said it has arranged a $7.3 million non-brokered debt financing with Vertex One Asset Management.
The one-year note carries a 25% coupon, payable at maturity. It may be prepaid at 125. Vertex also will receive a 17.5% royalty on the company’s net revenues.
Settlement is expected Feb. 27.
Proceeds will be used for general corporate purposes.
As part of the financing, Vertex assumed the company’s obligations under a C$5 million note that was issued on Feb. 6, 2014 and also had accrued $800,000 of interest. The note became due on Feb. 6, 2015. Vertex retired the note and the 12,367,054 shares that were issuable on conversion of the note were cancelled.
“The financing provides the company with the resources to retire an outstanding note payable that became due earlier this month, consolidate debt and add the working capital needed for the execution of our business plan,” president and chief executive officer Todd Oseth said in a press release. “Partnering with Vertex, a leading Canadian fund, provides Intermap with the financial backing required to complete the company’s transformation into a 3DBI geospatial software-driven company, as well as support the company’s continued pursuit of Spatial Data Infrastructure opportunities around the world.”
Based in Denver, Intermap provides digital remapping technologies, including digital topographic maps.
| Issuer: | Intermap Technologies Corp.
|
| Issue: | Loan evidenced by unsecured promissory note
|
| Amount: | $7.3 million
|
| Maturity: | One year
|
| Coupon: | 25%
|
| Call: | At 125
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Vertex One Asset Management
|
| Pricing date: | Feb. 26
|
| Settlement date: | Feb. 27
|
| Stock symbol: | Toronto: IMP
|
| Stock price: | $3.00 at close Jan. 8
|
| Market capitalization: | $20.58 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
