Earth Imaging Journal: Remote Sensing, Satellite Images, Satellite Imagery
Breaking News
Final Pléiades Neo Satellites Ready to Join Rest of Family
The last two satellites of the Airbus-built, owned and...
Septentrio makes GNSS/INS integration easy and fast
Inertial receiver set-up is significantly simplified with the new...
USGIF Announces New Scholarships and a New Working Group Focused on Diversity, Inclusion, and Belonging
USGIF announces new multi-year scholarships from Maxar and Evona...
Improving the Bottom Line through Digital Transformation
ASME’s Robotics for Inspection & Maintenance Summit Will Address...
Topcon continues its commitment to Bridges to Prosperity, donates auto levels
Bridges to Prosperity constructs trail bridges to improve the...

December 28, 2016
Intermap Offers Debt, Equity Rights Restructuring

Geospatial intelligence corporation Intermap (TSX: IMP) (ITMSF:BB) has agreed with Vertex One Asset Management Inc. on behalf of the Vertex Fund to restructure Intermap´s outstanding indebtedness, reduce its interest and certain other payment obligations, and provide the necessary working capital to pursue Intermap´s business objectives, Intermap said.

As part of these arrangements, Vertex has agreed to provide a standby purchase commitment to backstop the issuance of USD6 million of the corporation´s common shares through an exempt equity rights offering to all existing shareholders. The proceeds will be used to repay a bridge loan.

Vertex has provided a new USD6 million bridge loan to fund general corporate purposes until the rights offering is completed. The bridge loan will be repaid from the gross proceeds of the rights offering (including proceeds received in connection with the standby purchase commitment).

In conjunction with these new financings, Vertex has agreed to restructure its existing indebtedness.

Headquartered in Denver, Colorado, Intermap is an industry leader in geospatial intelligence solutions. It is capable of fusing volumes of accurate bare earth and other geospatial data into a single source to provide location-based solutions for customers in diverse markets around the world.

Comments are closed.