Intermap consolidates promissory notes
2016-03-03 07:17 ET - News Release
Mr. Todd Oseth reports
INTERMAP ANNOUNCES DEBT RESTRUCTURING
Intermap Technologies Corp. has entered into an agreement with its senior lender, pursuant to which two of its outstanding promissory notes, which became due in February, 2016, were restructured and consolidated into a new promissory note that bears interest at 15 per cent per annum, with a maturity date of Aug. 24, 2016.
The material terms of the debt restructuring are as follows (all currency amounts shown are in U.S. dollars):
The promissory note dated Feb. 23, 2015, in the principal amount of $1.5-million, bearing interest at 25 per cent per annum ($375,000 in accrued interest), was cancelled.The promissory note dated Feb. 24, 2015, in the principal amount of $5.8-million, bearing interest at 25 per cent per annum ($1.45-million in accrued interest), was cancelled.The principal amounts and accrued interest due under the first note and the second note were restructured and consolidated into a new note dated March 2, 2016, effective as of Feb. 24, 2016, in the principal amount of $9,125,000, bearing interest at 15 per cent per annum, with a maturity date of Aug. 24, 2016. The restructured note is secured by way of a first-priority lien on all of the assets of the company.
"We are pleased to report the restructuring of a material portion of the company's outstanding debt," said Todd Oseth, president and chief executive officer of Intermap. "Coincident with SDI work preparations and other business developments, we continue to work towards the simplification of the company's capital structure."
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