Intermap Technologies Corp. (TSX:IMP) announced a non-brokered private placement of convertible debt for gross proceeds of $5,000,000 (CAD 5,563,950) of January 24, 2014. The debt will mature in 12 months from the date of issuance and is convertible into common shares of the company at CAD 0.45 per share.

The debt bears interest at the rate of 16% per annum payable at maturity. The company will also issue 3,091,572 detachable warrants. Each warrant entitles the holder to purchase 3,091,572 common shares at CAD 0.56 per share for a period of three years.

The transaction is expected to be completed on or about February 6, 2014. The transaction is subject to receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The conversion was made through www.oanda.com on January 24, 2014.

Jarrod Isfeld and Frank Sur of Gowling Lafleur Henderson LLP acted as legal advisors to the company.