Expansion capital accelerates the development and market
introduction of Intermap's RiskPro™ and GeoPro™ 3D Business
Intelligence software products
DENVER, Jan. 24, 2014 /PRNewswire/ - Intermap
Technologies (TSX:IMP), (ITMSF:BB), a leading provider of
geospatial solutions on-demand created from its uniform,
high-resolution 3D digital models of the earth's surface, today
announced it has entered into an agreement to issue a non-brokered
US$5.0 million convertible debt
financing (the "Debt Financing").
The Debt Financing will mature 12 months from the date of
issuance and is convertible into common shares of the Company
("Common Shares") at the holder's option at a price of C$0.45 per Common Share, subject to adjustment in
certain events. The accrued interest associated with the conversion
of the principal amount, in part or in full, will be waived at the
time of conversion. Simple interest is payable at maturity at an
annual rate of 16.0%. In addition, 3,091,572 detachable warrants
will be issued to the purchaser of the convertible debt entitling
the holders to purchase 3,091,572 Common Shares at a price of
C$0.56 per share. The warrants expire
in three years and are subject to adjustment in certain events.
The Debt Financing is subject to a prepayment right by the
Company at 116% of the principal amount at anytime following six
months from the date of closing, subject to a 60 day notice period
and the holder's right to exercise its conversion rights during any
such notice period.
The Debt Financing is expected to be completed on or about
February 6, 2014 and is subject to
receipt of all necessary regulatory approvals, including the
approval of the TSX, and satisfaction to all other customary
closing conditions.
The Company intends to use the proceeds of the Debt Financing to
accelerate the development and market introduction of its RiskPro
and and GeoPro 3D Business Intelligence software products for
governments, enterprises and consumers.
Intermap's RiskPro software application combines
cutting-edge analytics and best-of-class terrain data into a clear,
visual risk management solution. RiskPro allows users to analyze,
visualize, and customize risk forecasting for any location in the
world. Large portfolios of locations can be imported, analyzed and
inspected quickly and easily. RiskPro users have access to the most
current datasets, including the Company's proprietary flood and
fire models. Organizations using RiskPro benefit by rapidly
receiving answers regarding the multiple risks on their facilities,
portfolios, and assets. The answers that RiskPro delivers help
users properly protect and insure their people, property, and
infrastructure.
Intermap's GeoPro is a centralized data repository that
integrates all types of geospatial and non-geospatial data within a
secure and virtualized environment. GeoPro allows users to deliver
advanced analytics by combining datasets in never before imagined
ways to produce unique insights and answers. The software's
policy-based log-in and control features enable administrators to
support as many users as desired and set the content access to
match the needs of their organization. GeoPro is powerful enough
for the advanced GIS user, but simple enough for non-GIS users.
GeoPro differs from other GIS software on the market as it delivers
straight forward answers, as opposed to delivering another map or
data layer to be interpreted by the user. GeoPro can be bundled
with data from Intermap's extensive worldwide NEXTMap®
database to allow users to immediately begin productive use of the
software.
The securities offered have not been and will not be registered
under the U.S. Securities Act of 1933, as amended, or any state
securities laws and may not be offered or sold in the United States absent registration or
applicable exemption from those registration requirements. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there by any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
Intermap also reported today that Howard
J. Nellor has resigned as a director of the Company
effective January 22, 2014 for
personal reasons. With his departure, the Board of Directors of
Intermap wishes to thank Mr. Nellor for his tenure and
contributions on behalf of the Company. The Company's Nominating
and Governance Committee is in the process of evaluating the Board
composition.
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