Closes additional tranches raising
$2.0 million at $1.03 per share
Total gross proceeds exceed $3.75
million
More than $5.5 million raised since
announcing Vertex Settlement
Proceeds applied to eliminate debt, recapitalize and fund future
growth
DENVER, Nov. 12, 2020 /CNW/ - Intermap Technologies
Corporation ("Intermap" or the "Company") today announced that it
completed its previously announced private placement (the "Private
Placement") of Class A common shares ("Shares"), with the closing
of two additional tranches: 728,000 Shares were issued on
November 6, 2020 and 1,270,000 Shares
were issued on November 12, 2020.
Both tranches were issued at a price of CAD$1.03 per Share, for aggregate gross proceeds
of CAD$2,057,940.
Together with the initial tranche of 1,648,874 Shares, which
closed on November 3, 2020, the
Company issued a total of 3,646,874 Shares at a price of
CAD$1.03 per Share for aggregate
gross proceeds of CAD$3,756,280. The
Company intends to use the net proceeds of the Private Placement to
recapitalize and fund growth. The capital was raised while
protecting the Company's valuable tax attributes under IRC Section
382, with a total Ownership Shift not exceeding 45%.
"Intermap is engaging with investors and executing capital
transactions that are accretive and tax efficient," said
Patrick A. Blott, Intermap Chairman
and CEO. "While the industry addresses COVID-related challenges, we
are aggressively taking advantage of opportunities to accelerate
our business plan and strengthen our balance sheet. In this regard,
the Company is grateful for the support of Cormark Securities,
which helped us further build our base of sophisticated and
reliable long-term investors."
All Shares issued under 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 on the Toronto Stock Exchange (the "TSX") are
subject to final approval of the TSX upon satisfaction of customary
closing conditions. The TSX has conditionally approved the Private
Placement and the listing of the Shares issued thereunder.
Cormark Securities Inc. acted as adviser to the Company on 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, including the
use of proceeds of the Private
Placement, constitutes forward–looking
statements. The words "intends to", "anticipate", "expect",
"project", "estimate", "forecast", "will be", "will consider", 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