Business
Intermap Technologies Closes $2 Million Private Placement to Recapitalize and Fund Growth
Intermap Technologies Closes $2 Million Private Placement to Recapitalize and Fund Growth...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n \n \n \n Intermap Technologies Closes $2 Million Private Placement to Recapitalize and Fund Growth\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n DENVER,, Nov. 4, 2020\n \n \n \n \n /NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\n \n \n \n DENVER\n \n ,,\n \n Nov. 4, 2020\n \n /CNW/ - Intermap Technologies Corporation (\"Intermap\" or the \"Company\") today announced that it has closed the first tranche of an issuer private placement (the \"Private Placement\") of 1,648,874 Class A common shares (\"Shares\"). The Shares were issued at a price of\n \n CAD$1.03\n \n per share, for aggregate gross proceeds of\n \n CAD$1,698,340\n \n . The Company intends to use the net proceeds for general corporate purposes and to fund its growth.\n \n \n The Company is pleased to report progress recapitalizing while safeguarding approximately\n \n US$188 million\n \n of valuable net operating losses, net of approximately\n \n US$33 million\n \n that resulted from the previously announced gain on the settlement of notes payable. Under Section 382 of the US Internal Revenue Code (\"IRC 382\"), the Company's US tax attributes may be limited if there is a deemed ownership shift of greater than 50% of the issuer during the prior three-year period. A deemed ownership change would limit the Company's ability to utilize its tax attributes to increase future cash flow. As a result of this private placement, the total ownership shift for the prior three years, immediately following the private placement, will be approximately 45%, well within the IRC 382 allowances. The Board and management will remain diligent in maximizing these tax assets as they consider alternative capital strategies to accelerate the Company's growth and strategic opportunities.\n \n \n \"We are pleased to provide for the Company's growth in a simple common share offering that continues to expand our base of informed, long-term sharehol...