Denver, USA, 28 June 2007: Intermap Technologies Corporation has announced that in connection with the proposed public offering of common shares previously announced on June 27, 2007, it has entered into an agreement with a syndicate of underwriters led by Canaccord Capital Corporation, including Orion Securities and Raymond James Ltd (collectively, the “Underwriters”) for the purchase by the Underwriters of 5,000,000 common shares at a price of C$6.00 per common share for aggregate gross proceeds of C$30,000,000 (the “Offering”).
The Company has granted the Underwriters an option (the “Underwriters’ Option”) to purchase up to an additional 1,666,700 Common Shares at a price of $6.00 per Common Share at any time up until 48 hours prior to the closing of the Offering. In the event that the Underwriters’ Option is exercised in full, the total aggregate gross proceeds of the Offering will be approximately C$40,000,000. In addition, the Company has granted the Underwriters an over-allotment option (the “Over-Allotment Option”), exercisable for a period of 30 days following the closing of the Offering, to purchase up to that number of common shares equal to 15% of the number of common shares issued pursuant to the Offering. If the Over-Allotment Option and the Underwriters’ Option are exercised in full, the gross proceeds of the Offering will increase to approximately C$46,000,000.
The Company intends to use the net proceeds of the Offering to fund the accelerated development of the NEXTMap USA and NEXTMap Western Europe data sets, development of value-added products, and for general corporate purposes.
A preliminary short-form prospectus for the Offering was previously filed with the securities commissions in each of the provinces of Canada (except Quebec). A (final) short-form prospectus is expected to be filed with each of the Canadian securities commissions (except Quebec) as soon as possible. The Offering is expected to close on or about July 12, 2007.