ITMSF - Intermap Closes Private Placement | Benzinga
DENVER, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX:IMP, OTCQB:ITMSF) ("Intermap" or the "Company"), a global leader in 3D geospatial products and intelligence solutions, today announced the closing of a private placement (the "Private Placement") for aggregate proceeds of C$885,000.
The Private Placement included two tranches, with the first tranche consisting of the issuance of 1,650,000 units ("Units") and the second tranche consisting of the issuance of 120,000 units, of which 20,000 units were acquired by insiders. Each Unit consists of one Class A common share of the Company (a "Share"), issued at a price of C$0.50, and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one?additional Share at an exercise price equal to the United States Dollar ("USD") equivalent of C$0.80 per Share, which is exercisable for two years from the date of issuance.
"We appreciate the support of long-term investors as we prepare to execute on upcoming opportunities," said Patrick A. Blott, Intermap Chairman and CEO. "This funding will partially fund pursuit costs associated with upcoming government contracts in the United States and abroad."
Under the Private Placement, Intermap also issued 81,000 warrants ("Finder Warrants") to certain finders. Each Finder Warrant is exercisable for one Share for two years from the date of issuance to each finder at a price of $0.39607 per Share, being the USD equivalent of C$0.528. The exchange rate used to calculate the USD equivalent exercise price for each the Warrants and the Finder Warrants was the Bank of Canada's latest published rate for the business day immediately prior to the issuance of same.
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