Intermap Technologies Corporation (TSX: IMP) (BB: ITMSF), a global provider of location based solutions, has entered into a non-brokered USD2.0 million promissory note with Vertex One Asset Management Inc., the company said.
The company said it intends to use the proceeds of the note as working capital to carry out existing mapping services contracts and to bridge cash flows until the commencement of one of the company´s data acquisition projects, including the previously announced USD175 million spatial data infrastructure (SDI) project.
In conjunction with the note, the company has agreed to Vertex appointing Patrick Blott and Cary Ludtke to the company´s board of directors, replacing Larry Garberding and Donald Gardner.
Blott is the co-founder and managing partner of Blott Asset Management, LLC, a private investment holding company. He has held executive roles with Bank of America Securities, JP Morgan, SG Cowen and Bank of Montreal.
Ludtke has 32 years of executive, managerial and engineering experience in the remote sensing technology space. He most recently served as vice president and general manager of Ball Aerospace´s Commercial Space Operations Strategic Business Unit.
Vertex is a Vancouver-based investment firm currently managing over USD2.1 billion in assets.
Intermap Technologies is an industry leader in geospatial solutions on demand with its cloud-based Orion Platform that provide location-based solutions.