DENVER, CO, July 3, 2013 /PRNewswire/ - Intermap (TSX: IMP), (ITMSF:BB), reports that on June 26, 2013, the Company received an irrevocable
notice of conversion from the sole Noteholder of a US$2,500,000
convertible note (the "Note"), originally issued on June 27, 2012, by
way of a private placement (the "Note Financing"). For additional
information regarding the Note Financing, please refer to the Company's
press release dated June 28, 2012, and to its subsequent quarterly and
annual financial statement filings.
The Noteholder is converting the Note into the Company's common shares
at the fixed conversion price of CDN$0.21 (the "Conversion"), following
the completion of which, all accrued interest due under the Note will
be waived, subject to and in accordance with the terms of the Note. The
Conversion will be completed in two tranches on or prior to July 8,
2013, pursuant to which the Noteholder will hold less than 10% of the
issued and outstanding common shares of the Company.
Post-Conversion, the Company will have 92,139,499 common shares
outstanding.
About Intermap
Headquartered in Denver, Colorado - Intermap (www.intermap.com) is an industry leader in geospatial solutions on demand. Through its
powerful suite of 3DBI applications and proprietary development of
contiguous databases that fuse volumes of GIS data into a single
source, Intermap is able to provide location-based solutions for
customers in diverse markets around the world that solve today's
complex geospatial challenges.
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