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Intermap Technologies Closes on $2 Million Canadian Private Placement
Intermap Technologies Closes on $2 Million Canadian Private Placement Canada NewsW...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n\n\n\nIntermap Technologies Closes on $2 Million Canadian Private Placement\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\nCanada NewsWire\nDENVER, CO, Aug. 5, 2020\n\n\n\nSuccessful balance sheet restructuring positions Company to fund its future growth\nOversubscribed Offering raises significantly more capital than originally anticipated\nStrong demand expands shareholder liquidity; financing attracts over 40 new investors, with minimal equity dilution and no disruption of $200 million of favorable tax assets  \nProceeds applied to settle $34 million of debt owed to Vertex and Pender Funds\n DENVER, CO, Aug. 5, 2020 /CNW/ - Intermap Technologies Corporation (\"Intermap\" or the \"Company\") today announced that it has closed the first tranche of its previously announced and fully subscribed issuer private placement (the \"Private Placement\") of up to 4,317,118 Class A common shares (\"Shares\") at a price of CAD$0.56 per Share – a 40% premium to the previously announced offering price on July 7, 2020. Both tranches were well oversubscribed. The first tranche included the issuance of 3,571,428 Shares, raising aggregate gross proceeds of CAD$2 million. Strong investor demand allowed the Company to attract dozens of new sophisticated investors.\nThe Private Placement was executed carefully, with the Company taking care not to disturb its valuable tax attributes. As previously disclosed in the Company's financial statements, Intermap has $221 million in Net Operating Losses (\"NOLs\"), including $164 million in the United States and $57 million in Canada. Greater ownership diversification protects the Company's tax assets from a deemed ownership change, as defined by US IRC Section 382. 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 after the private placement will be approximately 40%, well within the US IRC Section 382 allowances. The Board an...