Intermap Private Placement Update
On June 29, 2021, Intermap Technologies (OTCQX: ITMSF) announced negotiations for a senior secured convertible debenture private placement. The initial investment is set at USD$1 million, with a potential total of USD$3 million upon mutual agreement. The debentures will feature an 18-month maturity and can be converted into common shares at a 135% premium based on the 5-day VWAP. The completion of this placement is contingent upon due diligence by the investor and approval from the Toronto Stock Exchange.
- Negotiating a private placement could enhance liquidity with initial proceeds of USD$1 million.
- Potential for additional funds up to USD$3 million to strengthen the company's financial position.
- Dependence on investor's due diligence and stock exchange approval could delay closing.
- Convertible debentures may lead to share dilution if converted to common shares.
DENVER, Colo., June 29, 2021 /PRNewswire/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial content development and intelligence solutions, today 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
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.
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", "intends" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.
About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in geospatial intelligence solutions. The Company's proprietary 3D NEXTMap® elevation datasets and value-added geospatial collection, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data. Intermap helps governments build authoritative geospatial datasets and provides solutions for base mapping, transportation, environmental monitoring, topographic mapping, disaster mitigation, smart city integration, public safety and defense. The Company's commercial applications include aviation and UAV flight planning, flood and wildfire insurance, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. For more information, please visit www.intermap.com.
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SOURCE Intermap Technologies Corporation
FAQ
What is the purpose of Intermap Technologies' private placement announced on June 29, 2021?
What are the terms of the convertible debentures being negotiated by Intermap?
What conditions must be met for the completion of Intermap's private placement?
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