Denver, Colorado (October 14, 2005): Intermap Technologies Corp. (IMP -TSX), announced today that it has entered into an agreement with Canaccord Capital Corporation (the "Underwriter") to purchase 10,205,000 Common Shares at a price of CDN$4.90 per Common Share (the "Offering").
In addition, the Underwriter will have the option to purchase up to an additional 6,125,000 Common Shares at any time up until 48 hours prior to the Closing (the "Underwriter Option") and an Over-Allotment Option to purchase Common Shares representing 15% of the Common Shares sold under the Offering and Underwriter Option. Both the Underwriter Option and Over-Allotment Option will be at a purchase price of $CND 4.90.
The Offering will result in total gross proceeds to Intermap of CDN$50.0 million. In the event the Underwriter Option and Over-Allotment Option are exercised in full, additional proceeds to Intermap will be CDN$42.0 million. The Company intends to file a prospectus in all Canadian provinces. The Offering is expected to close on or about November 3, 2005.
The net proceeds from the financing will be utilized to fund the development of the NEXTMap USA project as well as for working capital and other general corporate purposes.
The transaction is subject to the receipt of all necessary regulatory and stock exchange approvals.
The Common Shares have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
About Intermap
Intermap is digitally remapping entire countries, building unprecedented national databases, called NEXTMap, of highly accurate digital topographic maps (including elevation). Customers purchase Intermap's high-quality, low-cost data to facilitate better decision-making for numerous commercial, governmental, military and consumer applications.
Demand for NEXTMap data is growing as new commercial applications are emerging, including geographical information systems (GIS), engineering planning, transportation, automotive, navigation, flood, irrigation, environmental management and planning, telecommunications network planning, aviation, simulation and 3D visualization. Internet applications include virtual tours, topographic maps and computer games. The products are also used to add interactive intelligence to airborne and satellite images.
Headquartered in Denver, Colorado, Intermap employs more than 250 people worldwide, with offices in Calgary, Ottawa, Munich and Jakarta. Intermap is publicly traded on the TSX under the symbol IMP. For more information, visit www.intermap.com.
Corbet Pala
Investor Relations
E-vestor Communications Inc.
(416) 657-2400
cpala@evestor.com