DENVER, July 03, 2024 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX:IMP, OTCQB:ITMSF) ("Intermap" or the "Company"), a global leader in 3D geospatial products and intelligence solutions, announces a new financing. The Company is offering up to a maximum of 4,300,000 Class "A" common shares of the Company ("Common Shares"), which upon issuance, will rank pari passu in all respects with the Company's existing issued Common Shares, at a price of C$0.45 per Share for maximum gross proceeds of C$1,935,000.00 (the "Offering"). In connection with this Offering, Intermap has engaged a third-party finder (the "Finder") to conduct a best-efforts private placement of the Common Shares. The Finder will receive a fee of: (i) an aggregate cash fee equal to 1% of the gross proceeds of the Offering; and (ii) an issuance of Common Shares equal to 6% of the Common Shares placed by the Finder under the Offering. The Company intends to use the aggregate net proceeds of the Offering for the execution of contracts and for working capital. Primarily, the capital will be used 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 of the Offering 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. Further details on the use of proceeds are set forth in the Offering Document. Intermap has received its special area permit from Indonesia. The Company has completed upgrades to its aircraft platform and IFSAR systems. Intermap has also met the first pre-deployment milestones and completed all associated contracting. As part of its preparation for deployment, Intermap acquired best-in-class, new hardware from VeriDaaS at attractive pricing. The upgraded technology infrastructure ensures speed, stability, security and flexibility as the Company executes its strategic repositioning. The Offering is expected to close in one or more tranches between the date hereof and August 16, 2024 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals. Subject to compliance with applicable regulatory requirements, the Common Shares will be offered for sale to purchasers resident in Canada (except Quebec) pursuant to the listed issuer financing exemption under Part ...