Intermap Technologies Completes Final Tranche of Private Placement

Successful Completion of Private Placement

Intermap Technologies Corporation, a Colorado-based company specializing in 3D geospatial data and intelligence solutions, has announced the successful closure of the final tranche of its non-brokered private placement 1

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. This marks a significant milestone in the company's efforts to secure additional funding for its operations and growth strategies.

Financial Details of the Placement

The final tranche of the private placement saw Intermap issue 1,428,571 Class A common shares at a price of CAD$0.56 per share 2

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. This latest issuance has generated gross proceeds of CAD$800,000 for the company. When combined with the first tranche, which closed on July 31, 2023, the total gross proceeds from the private placement amount to CAD$2,000,000.

Use of Proceeds and Strategic Implications

Intermap has outlined clear intentions for the utilization of the funds raised through this private placement. The company plans to allocate the proceeds towards general working capital purposes 1

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. This injection of capital is expected to provide Intermap with the financial flexibility needed to pursue its strategic objectives and maintain its competitive edge in the geospatial intelligence market.

Regulatory Compliance and Share Issuance

In compliance with regulatory requirements, all securities issued as part of this private placement are subject to a hold period. This period extends until four months and one day following the date of issuance 2

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. Such measures are standard practice in private placements and serve to protect the interests of both the company and its investors.

Market Response and Future Outlook

The successful completion of this private placement is a positive indicator of investor confidence in Intermap's business model and future prospects. As a global leader in geospatial solutions, the company is well-positioned to capitalize on the growing demand for accurate 3D mapping and intelligence services across various industries.

About Intermap Technologies

Intermap Technologies Corporation is renowned for its expertise in 3D geospatial data and intelligence solutions. The company leverages its proprietary 3D mapping technology to create high-resolution 3D models of the Earth's surface 1

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. These models find applications in diverse sectors, including aviation, defense, government, and commercial markets, underlining the company's importance in the geospatial intelligence landscape.