Intermap Technologies Corporation

Intermap Technologies Corporation

July 12, 2007 09:29 ET

Intermap Technologies Completes C$33 Million Financing

DENVER, COLORADO--(Marketwire - July 12, 2007) -


Intermap Technologies Corporation (TSX:IMP) (AIM:IMAP) announced today the completion of the common share offering announced on June 27, 2007. The Company sold 5,500,000 Common Shares at a price of C$6.00 per Common Share through a syndicate of underwriters led by Canaccord Capital Corporation and including Orion Securities and Raymond James Ltd. (the "Underwriters") pursuant to an Underwriting Agreement dated June 28, 2007.

The Offering resulted in total gross proceeds to Intermap of C$33 million. The net proceeds from the financing will be utilized 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. The Company granted to 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.

Application has been made for the 5,500,000 common shares sold pursuant to the offering to be admitted to trading on AIM and listed on the TSX. It is expected that dealings on AIM will begin on July 13, 2007. Intermap now has 37,524,980 common shares in issue, none of which are held in treasury.

Brian Bullock, Intermap's CEO and president commented, "We are very pleased with the continuing support we have received from the investment communities in Canada, the United States, and Europe. The funds raised will allow us to enable new solutions to be developed on top of our 3D geospatial database. The market is quickly realizing there are a wide range of solutions that can be created through GIS applications and having access to a high-quality and uniform set of 3D data is the key to properly modeling and running advanced technologies. Our investors realize Intermap is setting the stage for worldwide 3D geometries that can make this happen."

The Common Shares have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration, or an applicable exemption therefrom.

About Intermap Technologies

Intermap Technologies Corporation (TSX:IMP) (AIM:IMAP) 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 480 people worldwide, with additional offices in Calgary, Detroit, Jakarta, London, Munich, Ottawa, and Prague. For more information, visit

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
    Canada - Financial
    Corbet Pala, Investor Relations
    E-vestor Communications Inc.
    (416) 657-2400
    United States - Financial
    Budd Zuckerman, Investor Relations
    Genesis Select Corporation
    (303) 415-0200
    United Kingdom - AIM, Nominated Advisor
    Canaccord Adams Limited
    Neil Johnson
    Clayton Bush
    +(44) (0) 207 518 2777
    Intermap Technologies
    Kevin Thomas
    Vice President, Marketing
    (303) 708-0955