Imperus Technologies Corp.

Imperus Technologies Corp.

February 16, 2016 07:30 ET

Imperus Amends Certain Terms of Its Amended and Restated Credit Agreement

TORONTO, ONTARIO--(Marketwired - Feb. 16, 2016) - Imperus Technologies Corp. ("Imperus" or the "Company") (TSX VENTURE:LAB)(FRANKFURT:ISX)(FRANKFURT WKN:A12B58) announces that the Company has reached an agreement with its lenders to amend certain terms of its outstanding credit agreement. Imperus previously completed a secured debt financing pursuant to an amended and restated credit agreement dated November 16, 2015, which amended the terms of a prior credit agreement dated January 30, 2015, as amended (the "Credit Agreement") among the Company, as borrower, the subsidiaries of Imperus, as credit parties, a syndicate of lenders (the "Lenders"), and the Lenders' administrative agent, Third Eye Capital Corporation ("TEC").

The Company and its subsidiaries have entered into an amendment (the "Amendment") to the Credit Agreement dated February 15, 2016 with TEC, on behalf of the Lenders, deferring the Company's obligation to make principal repayments of at least US$14,000,000 until December 31, 2016. By not making a principal repayment of US$14,000,000 to the Lenders on or before February 15, 2016, the Company paid TEC, on behalf of the Lenders, a carrying fee of US$1,000,000. In addition, the Company's obligations to repay outstanding principal in quarterly instalments of US$2,000,000 starting April 1, 2016 has been deferred until April 1, 2017. As consideration for these amendments, the Company agreed to pay to the Lenders a fee of US$100,000. Additionally, the Company has agreed to amend the exercise price for 35,000,000 non-transferrable warrants (the "Warrants") issued by the Company to the Lenders on November 16, 2015 to the market price (as determined in accordance with the policies of the TSX Venture Exchange) in connection with the announcement of the amendment. The Amendment is subject to certain conditions, including, but not limited to, approval by the TSX Venture Exchange of the amendment to the exercise price for the Warrants.

James Lanthier, CEO of Imperus commented: "We would like to thank Third Eye Capital for their spirit of partnership with this amendment. We believe the amendment is a strong endorsement of both the momentum in our business as well as the progress that Imperus continues to make towards its strategic initiatives to maximize stakeholder value. Given the rapid pace of change in the gaming landscape and the strength of Imperus' assets we believe that the future for Imperus is bright."

About Imperus

Imperus Technologies Corp., the parent company of Diwip and Akamon, is a developer of social and mobile gaming for PC, Mac, iOS and Android platforms. Diwip and Akamon design, develop and distribute their top ranked social casino-themed games within online social networks (such as Facebook) and mobile platforms (such as Android and iPhone). All of the Diwip and Akamon games are free to play and generate revenue primarily through the in-game sale of virtual coins.

Caution Regarding Forward-Looking Information:

Certain statements in this press release may constitute "forward looking information" which involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking information. When used in this press release, such forward looking information may use such words as "may'', "will'', "expect'', "believe'', "plan'' and other similar terminology. Forward looking information includes, but is not limited to, statements regarding the amendment to the Credit Agreement. Forward-looking information is provided for the purpose of presenting information about management's current expectations relating to the future events and the operating performance of the company, and readers are cautioned that such information may not be appropriate for other purposes. The forward looking statements involve a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the ability of the company to finance the Acquisition, regulatory requirements, general economic, market or business conditions and future developments in the sectors of the economy in which the business of Imperus or the Acquisition target operates. The foregoing list of factors is not exhaustive. Please see the Company's short form prospectus dated March 27, 2015, the Company's Annual Information Form dated November 11, 2015 and other documents available on, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.


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