DENVER, March 31, 2017 /PRNewswire/ - Intermap (TSX:
IMP), (ITMSF:BB), a leading geospatial intelligence
corporation, announced today that it has completed its previously
announced equity rights offering (the "Rights Offering"),
raising total gross proceeds of US$2,889,581.42. Following the Rights Offering,
there are presently 161,457,307 common shares issued and
outstanding.
The gross proceeds of the Rights Offering were used to reduce
indebtedness pursuant to a December
2016 bridge loan for US$6
million ("Bridge Loan"), provided by Vertex One Asset
Management Inc., in its capacity as portfolio manager of the Vertex
Fund ("Vertex"). No proceeds of the Rights Offering were
retained by the Company. The Bridge Loan was used to fund the
Company's working capital requirements. After applying the proceeds
from the Rights Offering, the remaining $3.1
million due under the Bridge Loan has been converted into a
non-interest bearing term loan, due September 1, 2020.
"We are pleased that over 60% of the Rights issued to eligible
holders were exercised, minimizing dilution from our recent working
capital financing, and representing a strong endorsement by our
shareholders in the Company's prospects," commented Patrick Blott, Chairman and CEO of Intermap.
"Furthermore, the Rights Offering was a deleveraging transaction,
demonstrating our commitment to achieve return on capital and
profitable growth."
Pursuant to the Rights Offering, an aggregate of 60,112,725
common shares were issued, including 41,056,894 common shares that
were issued to Vertex, representing 35% of the current issued and
outstanding common shares of the Corporation.
At the same time, Intermap announced the filing of its 2016
Audited Annual Financial Statements, Management's Discussion and
Analysis and Annual Information Form at www.sedar.com.
About Intermap Technologies
Headquartered in Denver,
Colorado, Intermap is a global geospatial information
company, creating a wide variety of geospatial solutions and
analytics for its customers. These geospatial solutions can be used
in a wide range of applications including, but not limited to,
location-based information, risk assessment, geographic information
systems (GIS), engineering, utilities, global positioning systems
(GPS) maps, oil and gas, renewable energy, hydrology, environmental
planning, land management, wireless communications, transportation,
advertising, and 3D visualization. For more information please
visit www.intermap.com.
Intermap Reader Advisory
Certain information provided in this news release constitutes
forward-looking statements, including the intention of the
Corporation to complete the Rights Offering, the amount of proceeds
from the Rights Offering and the use of such proceeds. The words
"anticipate", "expect", "project", "estimate", "forecast" 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. You can find a
discussion of such risks and uncertainties in our rights offering
circular, Annual Information Form and other securities filings.
While the Corporation 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 Corporation
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 Corporation 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.
SOURCE Intermap Technologies Corporation