Intermap Announces Refinancing and Appointment of New Directors

Posted by Rich Mohr

Sep 19, 2016 9:05:38 AM

DENVER, September 19, 2016 - Intermap (TSX: IMP), (ITMSF:BB), a leading provider of location-based solutions, today announced that it has entered into a refinancing with Vertex One Asset Management Inc. (“Vertex”), its existing lender, whereby Vertex will invest an additional $2.0 million in the Company through an expansion and consolidation of its promissory notes dated March 2, 2016 and April 12, 2016 (the “Notes”), into a new promissory note (“Consolidated Note”), that  bears interest at 15% per annum, and is due and payable on September 15, 2017 (the “Maturity Date”). Additionally, Andrew P. Hines and Michael R. Zapata have been appointed to the Company’s Board of Directors, following their referral to the board by its Nominating and Governance Committee.

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Topics: Financial Results, Board of Directors, Refinancing

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