DENVER, July 03, 2024 (GLOBE NEWSWIRE) — Intermap Applied sciences (TSX: IMP; OTCQB: I™SF) (Intermap or the Firm), a worldwide chief in 3D geospatial merchandise and intelligence options, proclaims a brand new financing. The Firm is providing up to a most of 4,300,000 Class A typical shares of the Firm (Frequent Shares), which upon issuance, will rank pari passu in all respects with the Firm’s present issued Frequent Shares, at a price of C$0.45 per Share for max gross proceeds of C$1,935,000.00 (the Providing).
In reference to this Providing, Intermap has engaged a third-party finder (the Finder) to conduct a best-efforts non-public placement of the Frequent Shares. The Finder will obtain a payment of: (i) an combination money payment equal to 1% of the gross proceeds of the Providing; and (ii) an issuance of Frequent Shares equal to six% of the Frequent Shares positioned by the Finder underneath the Providing.
The Firm intends to make use of the mixture internet proceeds of the Providing for the execution of contracts and for working capital. Primarily, the capital shall be used to execute on its contract with the Indonesian authorities to map the island of Sulawesi in addition to on a renewed and expanded contract with the U.S. Air Pressure. The online proceeds of the Providing may be utilized in reference to different Southeast Asian contract awards in addition to a significant renewal and growth of a worldwide insurance coverage shopper settlement. Additional particulars on using proceeds are set forth within the Providing Doc.
Intermap has obtained its particular space allow from Indonesia. The Firm has accomplished upgrades to its plane platform and IFSAR methods. Intermap has additionally met the primary pre-deployment milestones and accomplished all related contracting. As a part of its preparation for deployment, Intermap acquired best-in-class, new {hardware} from VeriDaaS at enticing pricing. The upgraded expertise infrastructure ensures pace, stability, safety and adaptability because the Firm executes its strategic repositioning.
The Providing is predicted to shut in a number of tranches between the date hereof and August 16, 2024 and is topic to sure circumstances together with, however not restricted to, the receipt of all obligatory regulatory and different approvals.
Topic to compliance with relevant regulatory necessities, the Frequent Shares shall be provided on the market to purchasers resident in Canada (besides Quebec) pursuant to the listed issuer financing exemption underneath Half 5A of Nationwide Instrument 45-106 “ Prospectus Exemptions (the Listed Issuer Financing Exemption) and to purchasers resident in america by means of non-public placement pursuant to an exemption from the registration necessities underneath america Securities Act of 1933, as amended (the 1933 Act). As a result of the Providing is being accomplished pursuant to the Listed Issuer Financing Exemption, the securities issued in Canada underneath the Providing is not going to be topic to a maintain interval in Canada pursuant to relevant Canadian securities legal guidelines.
The providing doc associated to this Providing (the Providing Doc) that may be accessed underneath the Firm’s profile at www.sedarplus.ca and on Intermap’s web site at www.intermap.com. Potential buyers ought to learn this Providing Doc earlier than investing determination.
The securities described herein haven’t been, and won’t be, registered underneath the 1933 Act, or any state securities legal guidelines, and accordingly, might not be provided or offered inside america besides in compliance with the registration necessities of the 1933 Act and relevant state securities necessities or pursuant to exemptions therefrom. This information launch shall not represent a proposal to promote or the solicitation of a proposal to purchase nor shall there be any sale of the securities in america or in every other jurisdiction wherein such supply, solicitation or sale could be illegal.
The Firm additionally entered right into a capital markets advisory settlement (the Sophic Capital Settlement) with Sophic Capital for the availability of investor relations companies to the Firm. Pursuant to the phrases of the Sophic Capital Settlement, Sophic Capital will help the Firm within the preparation of an investor communications plan, investor supplies, information releases, highway exhibits and convention calls. The Sophic Capital Settlement is for a time period of 12 months. The Sophic Capital Settlement will robotically renew for successive intervals of six months. Both get together might terminate the Sophic Capital Settlement with 30 days prior written discover.
Intermap Reader Advisory
Sure data supplied on this information launch, together with reference to the provision of proceeds from the Providing, the Firm’s capability to lift up to the utmost proceeds of the Providing, using proceeds of the Providing, the expectation that the Providing will shut and the anticipated timing thereof and the award of recent contracts and contract renewals and using proceeds within the Providing in connection therewith, constitutes forward-looking statements. The phrases will, intends, anticipated to, topic to and comparable expressions are meant to determine such forward-looking statements. Though Intermap believes that these statements are based mostly on data and assumptions that are present, cheap and full, these statements are essentially topic to quite a lot of identified and unknown dangers and uncertainties. Intermap’s forward-looking statements are topic to dangers and uncertainties pertaining to, amongst different issues, money obtainable to fund operations, availability of capital, income fluctuations, the character of presidency contracts, together with altering political circumstances within the related jurisdictions, financial circumstances, lack of key clients, retention and availability of government expertise, competing applied sciences, widespread share price volatility, lack of proprietary data, software program performance, web and system infrastructure performance, data expertise safety, breakdown of strategic alliances, and worldwide and political issues, in addition to these dangers and uncertainties mentioned Intermap’s Annual Data Type for the yr ended December 31, 2023 and different securities filings. Whereas the Firm makes these forward-looking statements in good religion, ought to a number of of those dangers or uncertainties materialize, or ought to underlying assumptions show incorrect, precise outcomes might range considerably from these anticipated. Accordingly, no assurances may be provided that any of the occasions anticipated by the forward-looking statements will transpire or happen, or if any of them accomplish that, what advantages that the Firm will derive therefrom. All subsequent forward-looking statements, whether or not written or oral, attributable to Intermap or individuals performing on its behalf are expressly certified of their entirety by these cautionary statements. The forward-looking statements contained on this information launch are made as on the date of this information launch and the Firm doesn’t undertake any obligation to replace publicly or to revise any of the forward-looking statements made herein, whether or not because of new data, future occasions or in any other case, besides as could also be required by relevant securities legislation.
About Intermap Applied sciences
Based in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: I™SF) is a worldwide chief in geospatial intelligence options, specializing in the creation and analysis of 3D terrain information to provide high-resolution thematic fashions. Via scientific analysis of geospatial data and patented sensors and processing expertise, the Firm provisions various, complementary, multi-source datasets to allow clients to seamlessly combine geospatial intelligence into their workflows. Intermap’s 3D elevation information and software program analytic capabilities allow world geospatial analysis by way of synthetic intelligence and machine studying, offering clients with essential data to grasp their terrain surroundings. By leveraging its proprietary archive of the world’s largest assortment of multi-sensor world elevation information, the Firm’s assortment and processing capabilities present multi-source 3D datasets and analytics at mission pace, enabling governments and firms to construct and combine geospatial basis information with actionable insights. Purposes for Intermap’s merchandise and options embody protection, aviation and UAV flight planning, flood and wildfire insurance coverage, catastrophe mitigation, base mapping, environmental and renewable power planning, telecommunications, engineering, essential infrastructure monitoring, hydrology, land administration, oil and gasoline and transportation.
For extra data, please go to www.intermap.com or contact:
Patrick A. Blott
Chairman and CEO
CEO@intermap.com
+1 (303) 708-0955
Supply: Intermap Applied sciences