Debt accompanied by three-year warrants for 3,091,572 shares
By Devika Patel
Knoxville, Tenn., Jan. 24 - Intermap Technologies Corp. said it will conduct a $5 million non-brokered convertible debt financing.
The 16% debt matures in one year and converts to common stock at C$0.45 per share. The conversion price is identical to the closing share price on Jan. 23. The company may prepay the debt at 116 after six months.
The investors also will receive warrants for 3,091,572 shares, which will be exercisable at C$0.56 for three years. The strike price is a 24.44% premium to the Jan. 23 closing share price.
Settlement is expected on Feb. 6.
Proceeds will be used to accelerate the development and market introduction of the RiskPro and and GeoPro 3D Business Intelligence software products.
Based in Denver, Intermap provides digital remapping technologies, including digital topographic maps.
| Issuer: | Intermap Technologies Corp.
|
| Issue: | Convertible debt
|
| Amount: | $5 million
|
| Maturity: | One year
|
| Coupon: | 16%
|
| Conversion price: | C$0.45
|
| Call: | At 116 after six months
|
| Warrants: | For 3,091,572 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.56
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 24
|
| Settlement date: | Feb. 6
|
| Stock symbol: | Toronto: IMP
|
| Stock price: | C$0.45 at close Jan. 23
|
| Market capitalization: | C$41.46 million
|
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