DENVER, December 15, 2014 - (TSX:IMP) - Intermap Technologies® Corporation ("Intermap" or the "Company"), is pleased to announce that on December 12, 2014, it completed a private placement convertible debt financing for aggregate proceeds of US$500,000 (the "Debt Financing").
The Debt Financing matures six months from the date of issuance and the principal amount is convertible into common shares of the Company (the "Common Shares") at the holder's option into 5,741,187 Common Shares (25% premium to market based on closing price on December 11, 2014). Simple interest is payable at maturity at an annual rate of 16.0%. If the principal amount is converted into Common Shares, any interest payable on such principal amount shall be forgiven and the Company shall cease to owe, and the holder shall cease to have any right to payment of, any interest amount. In addition, an aggregate of 1,137,202 warrants were issued to the holder of the convertible debt, entitling the holder to purchase up to 1,137,202 Common Shares at a price of C$0.10 per share (25% premium to market based on closing price on December 11, 2014). The warrants expire in three years and are subject to adjustment in certain events.