Denver, CO, April 29, 2011 – (TSX:IMP) Intermap Technologies Corporation ("Intermap" or the "Company"), is pleased to announce it has completed a previously announced private placement with the Company’s two largest shareholders and certain other investors, for aggregate gross proceeds of CDN$6,450,000 of units ("Units") at a price of CDN$0.40 per Unit (the "Offering"). In addition, 1,225,000 Warrants were issued for agency fees.
Each Unit consists of one common share (a "Common Share") and one Common Share purchase warrant (a "Warrant") of Intermap. Each Warrant will entitle the holder to purchase one Common Share at a purchase price of CDN$0.48 per share for a period of three years from the issue date.
The proceeds of the Offering will be used by the Company to fund working capital, expand its internet commerce capabilities, integrate third party terrain data, and for general corporate purposes.
About Intermap Technologies
Intermap Technologies is a preeminent digital mapping and geospatial solutions provider that has set the industry standard for creating uniform high-resolution 3D digital models of the earth’s surface. The Company has proactively remapped entire countries and built uniform national databases, called NEXTMap, consisting of affordably priced elevation data and geometric images of unprecedented accuracy. Demand for NEXTMap data and the Company’s contract mapping services is growing as commercial applications emerge within the GIS, federal & civil government, national mapping, defence and intelligence, automotive, insurance risk assessment, wireless telecommunications, and cloud-based web services markets.
Headquartered in Denver, Colorado, Intermap has offices in Calgary, Jakarta, Munich, Prague, and Washington D.C. For more information, visit www.intermap.com.
For more information, please contact:
Richard Mohr, Senior Vice President & Chief Financial Officer
Canada – Financial
Corbet Pala, Investor Relations
E-vestor Communications Inc.
United States – Financial
Budd Zuckerman, Investor Relations
Genesis Select Corporation
Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. You can find a discussion of such risks and uncertainties in our Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release