Intermap Technologies Corp (OTCMKTS:ITMSF) stock is down a bit in the opening session after soaring 20% over the past week. The stock has been gaining solid momentum over the past month with a jump of over 57%.
As of 10:26, ITMSF stock fell by 4.3% at $0.9116. The stock has traded 37K shares, compared to its average volume of 49k shares. The stock opened at $0.9896 and moved in a range of $0.9116 – 0.9896.
Intermap Private Placement Update
- Intermap Technologies announced it is negotiating final agreements for a senior secured convertible debenture private placement (the Notes).
- Intermap has received terms and is in the process of negotiating final agreements for the Notes with a U.S. institutional fund investor through a private placement transaction. The investment contemplates an initial investment of USD$1 million and the ability on mutual agreement with the investor to issue additional Notes for gross proceeds not exceeding USD$3 million in aggregate. The Notes will have, among other terms, an 18-month term to maturity and will be convertible into Common Shares of the Company at the lower of a 135% premium to the 5-day VWAP at closing and prior to this announcement.
- Closing of the private placement is subject to negotiation of final documentation, completion by the investor of its due diligence investigations of the Company and the approval of the Toronto Stock Exchange.