DENVER, CO - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) (“Intermap” or the “Company”), a global leader in geospatial content development and intelligence solutions, today announced it is negotiating final agreements for a senior secured convertible debenture private placement (the Notes).
Intermap has received terms and is in the process of negotiating final agreements for the Notes with a U.S. institutional fund investor through a private placement transaction. The investment contemplates an initial investment of USD$1 million and the ability on mutual agreement with the investor to issue additional Notes for gross proceeds not exceeding USD$3 million in aggregate. The Notes will have, among other terms, an 18-month term to maturity and will be convertible into Common Shares of the Company at the lower of a 135% premium to the 5-day VWAP at closing and prior to this announcement.
Closing of the private placement is subject to negotiation of final documentation, completion by the investor of its due diligence investigations of the Company and the approval of the Toronto Stock Exchange.
For more information, please contact:
Executive Vice President and CFO
+1 (303) 708-0955