Asian Surveying & Mapping
Breaking News
Ecolab and ITE partners to harness water management knowledge for Singapore data center engineers
SINGAPORE, 29 APRIL 2024 – Nalco Water, an Ecolab...
NASA releases satellite photos of Dubai and Abu Dhabi before and after record flooding
NASA released photos of parts of Dubai and Abu...
Singapore releases 10-year Geospatial Master Plan
Singapore has launched its new Geospatial Master Plan (2024–33),...
Japan announces plans to launch upgraded observation satellites on new flagship rocket’s 3rd flight
TOKYO (AP) — Japan’s space agency announced Friday a...
Tesla China partners with Baidu for maps to clear FSD hurdle
Amidst Elon Musk’s unannounced trip to Beijing, China this...
ESA opens ideas factory to boost space innovation in Austria
A centre to innovate the design and manufacture of...
Japan’s space agency sets June 30 as third launch date for H3 rocket
The Japan Aerospace Exploration Agency (JAXA) announced Friday that...
S. Korea launches nanosatellite for Earth observation
SEOUL- A South Korean nanosatellite was launched into orbit...
Australian Space Agency funds development of aerospace-grade GNSS receiver
The Australian Space Agency has funded the development of...
Continuity risks for Australian EO data access
A new report details the widespread use of Earth...

December 28th, 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.