Imperus Technologies reached an agreement with Third Eye Capital, on behalf of 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 among the company, as borrower, the subsidiaries of Imperus, as credit parties, a syndicate of lenders and the lenders’ administrative agent, Third Eye Capital (TEC).

The company and its subsidiaries have entered into an 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 $14 million until December 31, 2016. By not making a principal repayment of $14 million to the lenders on or before February 15, 2016, the company paid TEC, on behalf of the lenders, a carrying fee of $1 million.

In addition, the company’s obligations to repay outstanding principal in quarterly installments of $2 million starting April 1, 2016 has been deferred until April 1, 2017. As consideration for these amendments, the company agreed to pay the lenders a fee of $100,000. The company also agreed to amend the exercise price for 35 million non-transferrable 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, Imperus CEO, 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.”

Imperus Technologies, 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 social casino-themed games within online social networks and mobile platforms.