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Intermap Technologies Completes Private Placement
Intermap Technologies Completes Private Placement Canada NewsWire DENVER, N...
About this update from Intermap Technologies Corporation Class A
[{"type":"text","content":"\n \n \n \n Intermap Technologies Completes Private Placement\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. 12, 2020\n \n \n \n \n \n Closes additional tranches raising\n \n $2.0 million\n \n at\n \n $1.03\n \n per share\n \n Total gross proceeds exceed\n \n $3.75 million\n \n \n More than\n \n $5.5 million\n \n raised since announcing Vertex Settlement\n \n Proceeds applied to eliminate debt, recapitalize and fund future growth\n \n \n \n \n DENVER\n \n ,\n \n Nov. 12, 2020\n \n /CNW/ - Intermap Technologies Corporation (\"Intermap\" or the \"Company\") today announced that it completed its previously announced private placement (the \"Private Placement\") of Class A common shares (\"Shares\"), with the closing of two additional tranches: 728,000 Shares were issued on\n \n November 6, 2020\n \n and 1,270,000 Shares were issued on\n \n November 12, 2020\n \n . Both tranches were issued at a price of\n \n CAD$1.03\n \n per Share, for aggregate gross proceeds of\n \n CAD$2,057,940\n \n .\n \n \n Together with the initial tranche of 1,648,874 Shares, which closed on\n \n November 3, 2020\n \n , the Company issued a total of 3,646,874 Shares at a price of\n \n CAD$1.03\n \n per Share for aggregate gross proceeds of\n \n CAD$3,756,280\n \n . The Company intends to use the net proceeds of the Private Placement to recapitalize and fund growth. The capital was raised while protecting the Company's valuable tax attributes under IRC Section 382, with a total Ownership Shift not exceeding 45%.\n \n \n \"Intermap is engaging with investors and executing capital transactions that are accretive and tax efficient,\" said\n \n Patrick A. Blott\n \n , Intermap Chairman and CEO. \"While the industry addresses COVID-related challenges, we are aggressively taking advantage of opportunities to accelerate our business plan and strengthen our balance sheet. In this regard, the Company is grateful for the support of Cormark Securities, which helped us further build our base of sophisticated and reliable long-ter...