DENVER, July 14, 2015 /PRNewswire/ - Intermap Technologies Corporation ("Intermap" or the "Company") (TSX:IMP), (BB:ITMSF), a leading provider of geospatial solutions on-demand created from its uniform, high-resolution 3D digital models of the earth's surface, today announced that it has completed a non-brokered US$3.0 million debt financing (the "Debt Financing") with Vertex One Asset Management ("Vertex") of Vancouver, BC.
The promissory note granted under the Debt Financing will mature six months from the date of issuance. Simple interest is payable at maturity at an annual rate of 15.0%. The Debt Financing is subject to a prepayment right by the Company at 115% of the principal amount at any time, subject to a 30 day notice period. With this financing, the Company holds $14.3 million of debt issued by Vertex with maturities ranging from January 2016 through April 2016.
The Company intends to use the net proceeds of the Debt Financing as a bridge to cash flows from the expected closure of pending Spatial Data Infrasructure (SDI) contracts. The proceeds will be used in the preparation phase of these SDI activities and for general corporate purposes.
Vertex is a Vancouver-based investment firm currently managing over $2.1 billion in assets. Vertex looks for misvalued companies with a catalyst in the near future, while also paying attention to valuation relative to industry peers. It seeks to achieve superior long term performance by identifying companies that have low price-to-value metrics, have put themselves up for sale, or companies where a misvaluation has occurred within the capital structure of the company. The firm currently manages six funds offered to direct clients, advisors and institutions. The Vertex Fund, Vertex Managed Value Portfolio and Vertex Arbitrage Fund are memorandum based funds. The Vertex Enhanced Income Fund, Vertex Growth Fund, and Vertex Value Fund are prospectus-based, long-only funds.
About Intermap Technologies
Headquartered in Denver, Colorado, Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand with its secure, cloud-based Orion Platform™. Through its powerful suite of 3DBI applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location-based solutions for customers in diverse markets around the world. For more information please visit www.intermap.com.
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