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Intermap Technologies Announces US$2.5 Million Debt Financing With Vertex One Asset ManagementDENVER, April 28, 2015 /PRNewswire/ - Intermap Technologies Corporation ("Intermap" or the "Company") (TSX:IMP), (BB:ITMSF), a leading provider of geospatial solutions on-demand created from its uniform, high-resolution 3D digital models of the earth's surface, today announced that it has completed a non-brokered US$2.5 million debt financing (the "Debt Financing") with Vertex One Asset Management ("Vertex") of Vancouver, BC. The promissory note granted under the Debt Financing will mature 12 months from the date of issuance. Simple interest is payable at maturity at an annual rate of 20.0%. The Debt Financing is subject to a prepayment right by the Company at 120% of the principal amount at any time, subject to a 30 day notice period. The Company intends to use the net proceeds of the Debt Financing for general corporate purposes. About Vertex Vertex is a Vancouver-based investment firm currently managing over $2.1 billion in assets. Vertex looks for misvalued companies with a catalyst in the near future, while also paying attention to valuation relative to industry peers. It seeks to achieve superior long term performance by identifying companies that have low price-to-value metrics, have put themselves up for sale, or companies where a misvaluation has occurred within the capital structure of the company. The firm currentlymanages six funds offered to direct clients, advisors and institutions. The Vertex Fund, Vertex Managed Value Portfolio and Vertex Arbitrage Fund are memorandum based funds. The Vertex Enhanced Income Fund, Vertex Growth Fund, and Vertex Value Fund are prospectus-based, long-only funds. 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
SOURCE Intermap Technologies Corporation |