DENVER, April 28, 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$2.5 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
12 months from the date of issuance. Simple interest is payable at
maturity at an annual rate of 20.0%. The Debt Financing is subject
to a prepayment right by the Company at 120% of the principal
amount at any time, subject to a 30 day notice period.
The Company intends to use the net proceeds of the Debt
Financing for general corporate purposes.
About Vertex
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