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
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<p> <b>Intermap Technologies</b><br/> Rich Mohr, Senior Vice President & Chief Financial Officer<br/> <a href="mailto: Email Contact +1 (303) 708-0955 </p> <p> <b>Canada - Financial </b><br/> Cory Pala, Investor Relations<br/> e.vestor Communications Inc.<br/> <a href="mailto: Email Contact +1 (416) 657-2400 </p> <p> <b>United States - Financial </b><br/> Budd Zuckerman, Investor Relations<br/> Genesis Select Corporation<br/> <a href="mailto: Email Contact +1 (303) 415-0200 </p> |