Intermap Technologies Corporation
TSX : IMP
AIM : IMAP

Intermap Technologies Corporation

July 11, 2007 10:06 ET

Intermap Technologies Announces Financing

DENVER, COLORADO--(Marketwire - July 11, 2007) -

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

Intermap Technologies Corporation (TSX:IMP) (AIM:IMAP), is pleased to announce that its previously announced offering of 5,000,000 Common Share at a price of $6.00 per share has been increased by an additional 500,000 Common Shares following exercise of the option (the "Underwriters' Option") previously granted to a syndicate of underwriters led by Canaccord Capital Corporation and including Orion Securities Inc. and Raymond James Ltd. (the "Underwriters") pursuant to an Underwriting Agreement dated June 28, 2007.

As a result of the exercise of the Underwriters' Option, the offering will result in total gross proceeds to Intermap of $33,000,000. In addition, Intermap 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. In the event that the Over-Allotment Option is exercised in full, the total gross proceeds to Intermap will increase to approximately C$37,950,000.

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 final short-form prospectus for the Offering has been filed on July 6, 2007 with the securities commissions in each of the provinces of Canada (except Quebec).

The Offering is expected to close on or about July 12, 2007.

About Intermap Technologies

Intermap enables customers to facilitate better decision-making and create applications for numerous commercial, governmental, military, and consumer products through the purchase of high quality and affordable elevation datasets. The Company is proactively remapping entire countries and building unprecedented national databases, called NEXTMap®, consisting of highly accurate digital topographic maps that include elevation data.

Demand for NEXTMap® data is growing as new commercial applications are emerging, including geographical information systems (GIS), engineering planning, transportation, automotive, navigation, flood, irrigation, environmental management and planning, telecommunications/wireless network planning, aviation, simulation, and 3D visualization. Internet applications include virtual tours, topographic maps and computer games. Datasets are also used to add interactive intelligence to airborne and satellite imagery.

Headquartered in Denver, Colorado, Intermap employs more than 450 people worldwide, with additional offices in Calgary, Detroit, Jakarta, London, Munich, Ottawa, and Prague. For more information, visit www.Intermap.com.

Intermap Reader Advisory

This news release may contain certain forward-looking statements, which include certain assumptions with respect to the future business and operations of the Company. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, 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 the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, 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 included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Intermap Technologies
    Richard Mohr
    Senior Vice President & Chief Financial Officer
    (303) 708-0955
    Email: rmohr@Intermap.com
    or
    Canada - Financial
    E-vestor Communications Inc.
    Corbet Pala
    Investor Relations
    (416) 657-2400
    Email: cpala@evestor.com
    or
    United States - Financial
    Genesis Select Corporation
    Budd Zuckerman
    Investor Relations
    (303) 415-0200
    Email: bzuckerman@genesisselect.com
    or
    United Kingdom - AIM, Nominated Advisor
    Canaccord Adams Limited
    Neil Johnson
    Clayton Bush
    +(44) (0) 207 518 2777
    or
    Intermap Technologies
    Kevin Thomas
    Vice President, Marketing
    (303) 708-0955
    Email: kthomas@intermap.com