Intermap Announces Equity Rights Offering and Updates SDI Contract Status

Posted by Intermap Technologies

Feb 24, 2017 7:00:00 AM

DENVER, February 24, 2017 - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence Corporation, confirmed today that it plans to proceed with an equity rights offering for gross proceeds of up to US$6,000,000 (the "Rights Offering") as announced on December 21, 2016.

The Corporation will be offering rights to holders of its common shares at the close of business on the record date of March 1, 2017 (the "Record Date"), on the basis of one right for each common share held. Each right will entitle the holder to subscribe for one common share of Intermap upon payment of the subscription price of C$0.06 or US$0.05 per common share. There are currently 101,344,582 common shares of the Corporation outstanding. If all of the rights issued under the rights offering are validly exercised, the Rights Offering will raise gross proceeds of approximately US$5 million, assuming all rights are subscribed and paid for in US dollars.

The rights will trade on the Toronto Stock Exchange under the symbol "IMP.RT". The rights will expire at 4:00 p.m. (Calgary time) on March 27, 2017 (the "Expiry Time"), after which time unexercised rights will be void and of no value. Shareholders who fully exercise their basic subscription right will be entitled to subscribe for additional common shares, if available as a result of unexercised rights prior to the Expiry Time, subject to certain limitations set out in the Corporation's rights offering circular. The Corporation expects to close the Rights Offering on or about March 30, 2017.

Read More

Topics: SDI, Changes, Contracts, Agreement, Executive

Intermap Appoints Business Builder to Board of Directors

Posted by Intermap Technologies

Jan 30, 2017 2:42:20 PM

DENVER, Jan. 30, 2017 /CNW/ - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence Corporation, today announced that effective January 27, 2017, Mr. Philippe Frappier has joined the Board of Directors and will serve as Chairman of the Compensation Committee, while Mr. Andrew P. Hines has been appointed Chairman of the Audit Committee.

"As we further Intermap's transition towards profitable growth, we are taking another big step forward with the addition of Mr. Philippe Frappier to our board," commented Patrick Blott, Chairman and CEO of Intermap. "An experienced human capital manager, Philippe believes strongly that the best measure of Intermap's potential comes from its capacity to develop its talent and promote internally. He has been an integral architect of our corporate restructuring since October, including our executive team selection, incentive benchmarking, and human capital development. We acknowledge and appreciate all the efforts of our associates during this transition period and know they see the progress the Company is making."

The Company also reported that Mr. Michael Hoehn has resigned from both his Director and operating roles. "I want to thank Mike for his service to Intermap since 2015. We wish him well in his future endeavors," commented Patrick Blott, Chairman and CEO of Intermap.

Intermap also announced a Director Retention Program designed to incentivize active engagement by our experienced Directors to help the Company re-build. During this period, while we restructure the business and financial affairs of the Company, Intermap has been challenged to develop a compensation program for its executive officers and directors that recognizes the significant engagement required of its management and Board. Since the restructuring commenced on July 27, 2016, with the election of Mr. Blott as Executive Chairman, the Company has made retention cash payments of $510,000 ($250,000 to the Executive Chairman and CEO, $80,000 to the Chief Financial Officer and $180,000 to the remaining Directors), and granted options to purchase 4,125,320 common shares at C$0.08 per share.

The Company committed to issue an additional 2,704,680 options to purchase shares, following the annual shareholders meeting. The cash payments were advanced based on the achievement of certain strategic goals, including the two financings completed with the Company's largest shareholder and lender. Three of the current Directors of Intermap, including the Executive Chairman and CEO, also acquired from the Company's largest shareholder and lender, warrants to purchase an aggregate of 4,589,080 common shares of the Company at an exercise price of C$0.09 per share. Each Board members' agreement to acquire warrants from a third party provides a signal of the Board's strong commitment to the future of the Company.

Read More

Topics: Board of Directors, Changes, Agreement, Executive

Intermap Announces Mapping Services Agreement, Radar Upgrade, Executive Change

Posted by Intermap Technologies

Jan 30, 2017 7:02:00 AM

DENVER, January 30, 2017 - Intermap (TSX: IMP), (ITMSF:BB), a leading geospatial intelligence Corporation, today announced that it has entered into an agreement to provide multi-frequency, high resolution radar mapping. Intermap will conduct an airborne survey, assign accurate coordinates (orthorectified data), and produce imagery and elevation products that will support risk management, infrastructure and security applications. In addition, the Company will provide supervisors who will train, assist and monitor local personnel and operations. A milestone payment of $2.67 million is expected during the first quarter of 2017.

Read More

Topics: Changes, Agreement, Executive

To receive Intermap news register here  with Canada Newswire

Media Coverage

Click here to view media coverage of Intermap.

Releases by Month

see all