Intermap announces completion of equity rights offering and filing of annual disclosure documents

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

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

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

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.