Intermap Closes First Tranche of LIFE Offering

Proceeds to Fund Working Capital Needs for Signed Programs

DENVER, July 18, 2024 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial products and intelligence solutions, today announced that it closed the first tranche of its previously announced offering (the "Offering") of Class “A” common shares in the capital of the Company ("Shares"). The first tranche of the Offering included the issuance of 2,770,000 Shares at a price of CAD$0.45 per Share for aggregate gross proceeds of CAD$1,246,500.00.

The Company intends to close a second tranche of the Offering within the next two weeks at the same offering price of CAD$0.45 per Share. Any additional tranches, including the second tranche, will be subject to the maximum number of Shares issuable under the Offering of 4,300,000 for maximum aggregate gross proceeds of CAD$1,935,000.00. The Offering and the listing of the Shares on the Toronto Stock Exchange (the “TSX”) are subject to final approval of the TSX upon satisfaction of customary closing conditions. The TSX conditionally approved the Offering and the listing of the Shares issued thereunder prior to the closing of the first tranche.

The Company intends to use the net proceeds from the Offering primarily to execute on its contract with the Indonesian government to map the island of Sulawesi as well as on a renewed and expanded contract with the U.S. Air Force. The net proceeds may also be used in connection with other Southeast Asian contract awards as well as a major renewal and expansion of a global insurance client agreement.

“We have strong demand for our equity and closed this first tranche quickly,” said Patrick A. Blott, Intermap Chairman and CEO. “Investors communicated that our opportunities, including those with Malaysia, Indonesia and the United States, give them the confidence to fund our working capital needs for these projects. Our pipeline remains strong with current and prospective customers. On behalf of the Company, I’d like to thank our investors for participating in this first tranche of our LIFE offering.”

The Shares issued under the Offering were offered for sale to purchasers resident in Canada (except Quebec) and offshore (other than the United States) pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions (the "Listed Issuer Financing Exemption") and to purchasers resident in the United States by way of private placement pursuant to an exemption from the registration requirements under the United States Securities Act of 1933, as amended (the "1933 Act"). Because the Offering will be completed pursuant to the Listed Issuer Financing Exemption, the Shares issued in Canada under the Offering will not be subject to a hold period in Canada pursuant to applicable Canadian securities laws.