NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES ORDISSEMINATION IN THE UNITED STATES DENVER, Aug. 09, 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 third and final tranche of its previously announced offering (the "Offering") of Class "A" common shares of the Company. The third tranche included the issuance of 2,491,568 Common Shares at a price of CAD$0.45 per Common Share for aggregate gross proceeds of approximately CAD$1,121,206. Patrick A. Blott, Chairman and CEO of Intermap acquired approximately 6% of the Common Shares issued under the third tranche of the Offering. The Offering, including the third tranche and the previously announced first and second tranches, included the issuance of an aggregate of 7,346,568 Common Shares at a price of CAD$0.45 per Common Share for aggregate gross proceeds of approximately CAD$3,305,956. Upon issuance, all of the Common Shares issued under the Offering will rank pari passu in all respects with the Company's existing issued Common Shares. In connection with the Offering, Intermap 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 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 government of Indonesia to map the island of Sulawesi, representing 10% of Indonesia land mass, as well as on a renewed and expanded contract with the U.S. Air Force. The net proceeds of the Offering may ...