Intermap Technologies Closes First Tranche of Private Placement

Rhea-AI Summary

Intermap Technologies has successfully closed the first tranche of a private placement, raising approximately CAD$533,314 by issuing 613,005 Class A common shares at CAD$0.87 each. The funds will support general corporate purposes and growth. Additionally, 60,000 warrants were issued, each exercisable at USD$0.73 until April 27, 2023. The Toronto Stock Exchange has conditionally approved the transaction, with potential for additional shares to be issued before May 20, 2021. These securities remain subject to U.S. Securities Act restrictions.

Positive

• Raised CAD$533,314 through private placement.
• Improved future trading liquidity and safeguarded tax assets.
• Potential for additional shares issuance amounting to 386,995.

Negative

• None.

Welcoming new investors based in the United States 

DENVER, April 27, 2021 /PRNewswire/ - Intermap Technologies Corporation (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), today announced that it closed the first tranche of an issuer private placement (the "Private Placement") of 613,005 Class A common shares of the Company's common stock ("Shares"). The Shares were issued at a price of CAD$0.87 per Share for aggregate gross proceeds of CAD$533,314.35. The Company intends to use the net proceeds for general corporate purposes and to fund growth. Intermap also issued 60,000 warrants to certain finders (the "Warrants") under the Private Placement. Each Warrant is exercisable for one Share at an exercise price of USD$0.73 at any time until April 27, 2023.

"Intermap is pleased to welcome new accredited investors based in the United States who were the participants in this financing," said Patrick A. Blott, Intermap Chairman and CEO. "We have prudently issued equity in order to improve future trading liquidity, safeguard our tax assets, and prepare our platform for upcoming international re-deployment."

The listing of the Shares issued under the Private Placement are subject to final approval of the Toronto Stock Exchange (the "TSX") upon satisfaction of customary closing conditions. The TSX has conditionally approved the Private Placement and the listing of the Shares, as well as the issuance and listing of up to an additional 386,995 Shares, which Intermap may offer in one or more additional tranches anytime prior to May 20, 2021. All Shares and Warrants issued under the Private Placement are subject to restrictions under the United States Securities Act, during which time trading in the securities is restricted in accordance with applicable securities laws.

For more information about Intermap's geospatial solutions, visit intermap.com/investors to download a presentation.

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.

This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. Person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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 NEXTMap® database and value-added geospatial data management, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data, including aviation, engineering, environmental planning, government markets, hydrology, insurance, land management, law enforcement and patrol, oil and gas, renewable energy, telecommunications, transportation and utilities. Intermap's commercial applications include location-based intelligence, risk assessment, geographic information systems, global positioning systems and 3D visualization. For more information, please visit www.intermap.com.

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SOURCE Intermap Technologies Corporation

FAQ

What is the purpose of the private placement by Intermap Technologies on April 27, 2021?

The private placement aims to raise funds for general corporate purposes and support the company's growth.

How many shares were issued in Intermap's private placement?

Intermap issued 613,005 Class A common shares in its private placement.

What was the price per share in the Intermap private placement?

The shares were issued at a price of CAD$0.87 each.

What is the significance of the warrants issued during the private placement?

Intermap issued 60,000 warrants exercisable at USD$0.73 each until April 27, 2023, providing additional investment opportunities.

What are the conditions for the shares issued in the private placement?

The shares are subject to final approval by the Toronto Stock Exchange and restrictions under the U.S. Securities Act.