NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES ORDISSEMINATION IN THE UNITED STATES DENVER, July 19, 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 an amendment to the terms of its financing announced on July 3, 2024. Due to strong demand from new and existing shareholders, the Company is now offering up to a maximum of 6,666,666 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 the same price of C$0.45 per Share for maximum gross proceeds of C$2,999,999.70 (the "Amended Offering"). In connection with this Amended 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 the same fee of: (i) an aggregate cash fee equal to 1% of the gross proceeds of the Amended Offering; and (ii) an issuance of Common Shares equal to 6% of the Common Shares placed by the Finder under the Amended Offering. The Company intends to use the aggregate net proceeds of the Amended 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 Amended 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 Amended Offering Document (as defined herein). Intermap has received its special area permit from Indonesia and will commence deployment in the country soon. As part of its preparation, the Company has completed upgrades to its aircraft platform and IFSAR systems. Intermap has also met 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 Amended Offering is expected to close in ...