DENVER, Nov. 14, 2019 /PRNewswire/ - (TSX: IMP) (ITMSF: BB) – Patrick A. Blott, the Chairman and Chief Executive Officer of Intermap Technologies Corporation ("Intermap" or the "Company"), today announced that he has acquired 5,651,005 Class A common shares of Intermap ("Common Shares") from Vertex One Asset Management Inc. on behalf of Vertex Fund (collectively, "Vertex"). Prior to the acquisition of these Common Shares (the "Acquisition"), Vertex was the Company's largest shareholder, but no longer holds any shares in Intermap following the sale to Mr. Blott. The aggregate consideration paid by Mr. Blott under the Acquisition was US$833,523, or US$0.1475 per share.
Mr. Blott purchased the Common Shares from Vertex after Vertex expressed the desire to sell its entire position in Intermap. Mr. Blott purchased the Common Shares from Vertex to allow Vertex to exit its position in a timely and efficient manner, and because Mr. Blott believes that this acquisition of Common Shares will position the Company to execute on its current business plan and strategy. There is no change in the Company's business plan or strategy as a result of this acquisition of Common Shares.
Prior to the Acquisition, Mr. Blott held 245,652 Common Shares, or approximately 1.42% of the issued and outstanding Common Shares. Following the Acquisition, Mr. Blott holds 5,896,567 Common Shares, or approximately 34.15% of the currently issued and outstanding Common Shares. As a result, Mr. Blott is now a control person of the Company, in addition to being an insider by virtue of his current positions as Chairman and Chief Executive Officer. An early warning report pursuant to National Instrument 62-103 The Early Warning System and Related Take-over Bid and Insider Reporting Issues will be filed on the Company's SEDAR profile at www.sedar.com within the prescribed time. A copy of the report may be obtained by contacting Mr. Blott at the Company using the following contact information:
SOURCE Intermap Technologies Corporation