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Intermap Announces Equity Rights Offering and Updates SDI Contract Status
Intermap Announces Equity Rights Offering and Updates SDI Contract Status Canada N...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n\n\n\nIntermap Announces Equity Rights Offering and Updates SDI Contract Status\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nDENVER, Feb. 24, 2017\n\n\n\nDENVER, Feb. 24, 2017 /CNW/ - 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.\n\nThe 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.\n\nThe 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.\n\nDetails of the Rights Offering are set out in the rights offering notice and rights offering circular which will be available under Intermap's profile at www.sedar.com on March 2, 2017. The rights offering notice and accompanying rights certificate will be mailed to each registered eligible shareholder as at the record date. Registered eligible shareholders who wish t...