TORONTO, ONTARIO--(Marketwired - Feb. 16, 2016) - Imperus Technologies Corp. ("Imperus" or the "Company") (TSX VENTURE:LAB)(FRANKFURT:ISX)(FRANKFURT WKN:A12B58) announces that the Company has reached an agreement with its lenders to amend certain terms of its outstanding credit agreement. Imperus previously completed a secured debt financing pursuant to an amended and restated credit agreement dated November 16, 2015, which amended the terms of a prior credit agreement dated January 30, 2015, as amended (the "Credit Agreement") among the Company, as borrower, the subsidiaries of Imperus, as credit parties, a syndicate of lenders (the "Lenders"), and the Lenders' administrative agent, Third Eye Capital Corporation ("TEC").
The Company and its subsidiaries have entered into an amendment (the "Amendment") to the Credit Agreement dated February 15, 2016 with TEC, on behalf of the Lenders, deferring the Company's obligation to make principal repayments of at least US$14,000,000 until December 31, 2016. By not making a principal repayment of US$14,000,000 to the Lenders on or before February 15, 2016, the Company paid TEC, on behalf of the Lenders, a carrying fee of US$1,000,000. In addition, the Company's obligations to repay outstanding principal in quarterly instalments of US$2,000,000 starting April 1, 2016 has been deferred until April 1, 2017. As consideration for these amendments, the Company agreed to pay to the Lenders a fee of US$100,000. Additionally, the Company has agreed to amend the exercise price for 35,000,000 non-transferrable warrants (the "Warrants") issued by the Company to the Lenders on November 16, 2015 to the market price (as determined in accordance with the policies of the TSX Venture Exchange) in connection with the announcement of the amendment. The Amendment is subject to certain conditions, including, but not limited to, approval by the TSX Venture Exchange of the amendment to the exercise price for the Warrants.
James Lanthier, CEO of Imperus commented: "We would like to thank Third Eye Capital for their spirit of partnership with this amendment. We believe the amendment is a strong endorsement of both the momentum in our business as well as the progress that Imperus continues to make towards its strategic initiatives to maximize stakeholder value. Given the rapid pace of change in the gaming landscape and the strength of Imperus' assets we believe that the future for Imperus is bright."
About Imperus
Imperus Technologies Corp., the parent company of Diwip and Akamon, is a developer of social and mobile gaming for PC, Mac, iOS and Android platforms. Diwip and Akamon design, develop and distribute their top ranked social casino-themed games within online social networks (such as Facebook) and mobile platforms (such as Android and iPhone). All of the Diwip and Akamon games are free to play and generate revenue primarily through the in-game sale of virtual coins.