Increases access to institutional investors
and lowers the cost of capital
Positions the Company to execute on growth
opportunities
DENVER, May 16, 2022
/CNW/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap"
or the "Company"), a global leader in geospatial content
development and intelligence solutions, today announced that it has
obtained final receipt and filed a final short form base shelf
prospectus with the securities commissions in each of the provinces
of Canada, other than Quebec.
Intermap filed the prospectus to give it flexibility to take
advantage of financing opportunities as they may arise and as the
Company deems appropriate, subject to market conditions and other
relevant factors. Global capital markets can change quickly due to
macro events unrelated to Intermap's attractive business
opportunities. The base shelf prospectus will ensure that Intermap
is front-footed in the capital markets. This filing is a natural
evolution as the Company rapidly matures into a global and
profitable organization. Intermap intends to use the net proceeds
from the sale of securities to continue to pursue its growth
strategy, which includes, among other things, financing for future
acquisitions and to enhance profitable organic growth.
This filing allows the Company to offer and issue up to
CDN$20,000,000 of common shares,
preferred shares, debt securities, subscription receipts, warrants
or units, or a combination thereof, during the 25-month period that
the base shelf prospectus remains effective. The Corporation has
undertaken not to complete an offering of securities under the base
shelf prospectus unless it raises at least US$1,800,000 under the base shelf or a private
placement within 90 days following the issuance the final receipt.
There is no certainty that any securities will be offered or sold
under the prospectus.
Patrick A. Blott, Intermap's
Chairman and CEO, said, "We now have additional financial
flexibility and efficient access to institutional capital and will
be ready to close on capital raisings quickly when access to
capital is available on reasonable terms. With this base shelf
prospectus in place, Intermap is well-positioned to pursue
important growth opportunities and new initiatives, as well as
execute on and convert our growing pipeline."
The securities may be offered in amounts, at prices and on terms
to be determined based on market conditions at the time of sale,
subject to applicable regulations. The specific terms of any
offerings, including the use of proceeds, will be set forth in one
or more shelf prospectus supplement(s) to be filed with applicable
securities regulators. There can be no assurance that any
securities will be offered or sold as a result of this base shelf
prospectus.
The securities have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the Securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
A copy of the Base Shelf Prospectus can be found on SEDAR.
Intermap Reader Advisory
Certain information provided in this news release, including
the offering of securities, access to capital markets, use of
proceeds, future acquisitions, growth opportunities, constitutes
forward-looking statements within the meaning of applicable
securities laws. The words "may", "will", "anticipate", "expect",
"project", "estimate", "forecast", "intends" and similar
expressions are intended to identify such forward-looking
statements. Forward-looking information in this news release
includes (but is not limited to) statements regarding the timing of
offering securities of the Company under the Base Shelf Prospectus,
the amounts prices of such securities, and the terms and conditions
upon which such offerings may be made, including the Offering
Conditions, and the implications of the Offering Conditions not
being satisfied. Although Intermap believes that these statements
are based on information and assumptions which are current,
reasonable and complete, these statements are necessarily subject
to a variety of known and unknown risks and uncertainties.
Intermap's forward-looking statements are subject to risks and
uncertainties pertaining to, among other things, cash available to
fund operations, availability of capital, revenue fluctuations,
nature of government contracts, economic conditions, loss of key
customers, retention and availability of executive talent,
competing technologies, common share price volatility, loss of
proprietary information, software functionality, internet and
system infrastructure functionality, information technology
security, breakdown of strategic alliances, and international and
political considerations, as well as those risks and uncertainties
discussed Intermap's Annual Information Form and other securities
filings, all of which are available on SEDAR at
www.SEDAR.com. While the Company makes these
forward-looking statements in good faith, should one or more of
these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary significantly
from those expected. Accordingly, no assurances can be given that
any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits
that the Company will derive therefrom. All subsequent
forward-looking statements, whether written or oral, attributable
to Intermap or persons acting on its behalf are expressly qualified
in their entirety by these cautionary statements. The
forward-looking statements contained in this news release are made
as at the date of this news release and the Company does not
undertake any obligation to update publicly or to revise any of the
forward-looking statements made herein, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities law.
About Intermap
Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQX:
ITMSF) is a global leader in geospatial intelligence
solutions. The Company's proprietary 3D NEXTMap®
elevation datasets and value-added geospatial collection,
processing, analytics, fusion and orthorectification software and
solutions are utilized across a range of industries that rely on
accurate, high-resolution elevation data. Intermap helps
governments build authoritative geospatial datasets and provides
solutions for base mapping, transportation, environmental
monitoring, topographic mapping, disaster mitigation, smart city
integration, public safety and defense. The Company's commercial
applications include aviation and UAV flight planning, flood and
wildfire insurance, environmental and renewable energy planning,
telecommunications, engineering, critical infrastructure
monitoring, hydrology, land management, oil and gas and
transportation. For more information, please visit
www.intermap.com.
View original
content:https://www.prnewswire.com/news-releases/intermap-files-final-short-form-base-shelf-prospectus-301547604.html
SOURCE Intermap Technologies Corporation