Intermap Receives Irrevocable Notice of Conversion of Convertible Note
DENVER, CO, July 3, 2013 /PRNewswire/ - Intermap (TSX: IMP), (ITMSF:BB), reports that on June 26, 2013, the Company received an irrevocable notice of conversion from the sole Noteholder of a US$2,500,000 convertible note (the "Note"), originally issued on June 27, 2012, by way of a private placement (the "Note Financing"). For additional information regarding the Note Financing, please refer to the Company's press release dated June 28, 2012, and to its subsequent quarterly and annual financial statement filings.
The Noteholder is converting the Note into the Company's common shares at the fixed conversion price of CDN$0.21 (the "Conversion"), following the completion of which, all accrued interest due under the Note will be waived, subject to and in accordance with the terms of the Note. The Conversion will be completed in two tranches on or prior to July 8, 2013, pursuant to which the Noteholder will hold less than 10% of the issued and outstanding common shares of the Company.
Post-Conversion, the Company will have 92,139,499 common shares outstanding.
Headquartered in Denver, Colorado - Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of GIS data into a single source, Intermap is able to provide location-based solutions for customers in diverse markets around the world that solve today's complex geospatial challenges.
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