Reports Closing of Second and Final Tranche of
Private Placement
Uses Proceeds to Settle All Obligations with
Vertex One / PenderFund
Files Financial Statements for the Second
Quarter
DENVER, Aug. 17, 2020 /CNW/ - Intermap Technologies
Corporation ("Intermap" or the "Company") today announced that it
closed the second and final tranche (the "Second Tranche") of its
previously announced private placement (the "Private Placement"),
issuing 4,317,118 Class A common shares of the Company ("Shares").
The Second Tranche included the issuance of 586,685 Shares at a
price of CAD$0.56 per Share for
aggregate gross proceeds of CAD$328,543.60.
The proceeds of the Private Placement were used to satisfy all
of the Company's obligations under the amended settlement agreement
(the "Settlement Agreement") entered into among the Company, its
wholly-owned subsidiary, Intermap Technologies Inc. ("ITI"), and
PenderFund Capital Management Ltd. (the "Lender"). Under the terms
of the Settlement Agreement, the Company and ITI satisfied the
Company's outstanding debt of US$33.9
million owed to the Lender with a payment to the Lender of
US$1 million from the proceeds of the
Private Placement. All liens were extinguished in conjunction with
closing.
Intermap also announced that the Company's consolidated
financial statements for the quarter ended June 30, 2020, along with management's discussion
and analysis for the corresponding period and related management
certifications were filed on SEDAR at www.sedar.com on
August 14, 2020.
"We are pleased to welcome additional new investors and further
position Intermap for growth," commented Patrick A. Blott, Chairman and CEO. "By
eliminating debt, combined with tax advantages in multiple
jurisdictions, and greater common stock liquidity, Intermap is
building the only publicly traded geospatial platform that can
leverage three powerful financial currencies – namely, its publicly
traded stock, tax attributes, and balance sheet. Together with
dedicated and talented employees, our numerous sophisticated
investors, patented technology and a scalable business model, we
will maximize these advantages during this unique period of
industry consolidation."
The Company also issued 19,718 warrants to certain finders (the
"Warrants") under the Private Placement. Each Warrant is
exercisable for one share at an exercise price of USD$0.423 per Share, being the U.S. dollar
equivalent of CAD$0.56 as of the date
of issuance, at any time until August 14,
2022.
All Shares and Warrants issued in connection with the Private
Placement are subject to a four-month hold period during which
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") is 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 of the
first tranche of the Private Placement.
Mr. Blott subscribed for an additional 22,330 Shares under the
Second Tranche. His participation constitutes a "related party
transaction" as defined under Multilateral Instrument 61-101
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). Such participation is exempt from
the formal valuation and minority shareholder approval requirements
of MI 61-101 on the basis that participation in the Private
Placement by Mr. Blott does not exceed 25% of the fair market value
of the Company's market capitalization.
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,
including the use of proceeds of the Private
Placement, 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, COVID–19 and its impact on both the Company's
business and operations and those of its customers, 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) (ITMSF: BB) 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