Each Warrant will entitle the holder thereof to purchase one Common Share at a purchase price of CDN$0.48 per share for a period of three years from the issue date. The terms of the Offering include a mandate that requires the replacement of four of the current members of the Company’s Board of Directors. The investors participating in the Offering will not be appointing any of the four new directors. The replacement of the Directors is scheduled to take place at or before the time of the Company’s next annual general meeting currently scheduled to be held in late July or early August 2011.
“This financing is an important requirement in our process to restructure Intermap and create a growing and profitable company in the future,” said Todd Oseth, Intermap’s new Chief Executive Officer. “The financing will provide the necessary working capital to move the Company forward with its new business plan. I’m pleased to see that our largest shareholders continue to support the vision of the Company.” Read More