/NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES. DOES
NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN./
First tranche upsized to CAD$2 million from original target of
CAD$1 million
Due to strong investor demand, the Company
plans to close a second tranche next week
DENVER, Colo., Aug. 3, 2021 /CNW/ - Intermap Technologies
(TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global
leader in geospatial content development and intelligence
solutions, today announced that it closed the first tranche of its
previously announced private placement (the "Private Placement") of
Class A common shares of the Company ("Shares"). The first tranche
included the issuance of 2,241,667 Shares at a price of
CAD$0.90 per Share for aggregate
gross proceeds of CAD$2 million,
raising 2x more than the initial target of CAD$1 million.
The Company will issue 131,166 warrants to certain finders
(the "Warrants") under the first tranche of the Private Placement,
exercisable at the current market price until July 29, 2023. 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.
Due to strong investor demand, the Company intends to close a
second tranche of the Private Placement next week.
The Company intends to use the net proceeds of the Private
Placement for expansion opportunities.
"We are building organically behind identified, large commercial
opportunities around the world with government and industry
clients," said Patrick A. Blott,
Intermap Chairman and CEO. "This new capital fortifies our balance
sheet in a way that is accretive and tax efficient, and further
accelerates our business plan in line with recent and expected
near-term contract wins."
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 of the
first tranche.
The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable
exemption from the registration requirements. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of the securities in any
State in which such offer, solicitation or sale would be
unlawful.
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.
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.
SOURCE Intermap Technologies Corporation