Strong investor demand from longstanding
investors and new shareholders
Funds raised strengthen capital structure and
position the Company for growth
DENVER, March 21, 2022 /CNW/ - Intermap Technologies
(TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global
leader in geospatial content development and intelligence
solutions, today announced the closing of its previously announced
private placement ("Private Placement") of Class A common shares of
the Company ("Shares"). The Private Placement included the issuance
of 4,008,288 Shares at a price of C$0.51 per Share for aggregate gross proceeds of
C$2,044,227.
The Private Placement included participation from longstanding
investors as well as new shareholders. Importantly, this Placement
included the addition of a new and large U.S. institutional
investor. The capital raised strengthens Intermap's balance sheet
and enables the Company to capitalize on new opportunities, expand
its product offerings, pursue new strategic government and
commercial contracts and grow existing contracts with key
clients.
"We appreciate our shareholders' support," said Patrick A. Blott, Intermap Chairman and CEO.
"The proceeds of the Private Placement will help fund the future
growth of the Company and position us to execute on compelling
opportunities."
Intermap expects to announce its audited year-end financial
results before the end of March
2022.
Intermap also issued a total of 131,735 warrants to certain
finders (the "Warrants") under the Private Placement at an exercise
price equal to the U.S. dollar equivalent of $0.68 per share, which are exercisable for two
years from the date of issuance to each finder. The exchange rate
used to calculate the U.S. dollar equivalent exercise price was the
Bank of Canada's latest published
rate for the day immediately prior to the issuance of the Warrants
for each finder.
All securities issued in connection with the Private Placement
are subject to a 4-month hold period, during which time trading in
the securities is restricted in accordance with applicable
securities laws.
The Private Placement and the listing of the Shares issued under
the Private Placement and the Shares issuable upon exercise of the
Warrants on the Toronto Stock Exchange (the "TSX") are subject to
final approval of the TSX upon satisfaction of customary closing
conditions. The TSX conditionally approved the Private Placement
and the listing of the Shares issued thereunder and the Shares
issuable upon exercise of the Warrants prior to closing the Private
Placement.
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. Forward-looking
information or statements in this news release include the use of
proceeds from the Private Placement and the impact of such proceeds
on the business of Intermap. 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
