Intermap Announces Positive Cash Flow in the First Half and Private Placement - Seite 2

Capital raised in the Private Placement strengthens Intermap’s balance sheet and enables the Company to pursue strategic contracts, capitalize on new opportunities and expand existing relationships with major clients. The Private Placement included participation from longstanding investors and new shareholders.

“We appreciate the continued support of our investors,” said Patrick A. Blott, Intermap Chairman and CEO. “Our commercial business continues its rapid growth with an increasing percentage of recurring revenue. In our government business, programs will continue and grow, and Intermap’s participation is expected to increase. Our first half operating performance highlights Intermap’s ability to manage operating leverage and maintain cash flow by adjusting variable spending to accommodate unexpected contract volatility. This infusion of capital will help fund future growth and position us to execute on new and exciting opportunities.”

Under the first tranche of the Private Placement, Intermap also issued 48,600 warrants (“Finder Warrants”) to certain finders. Each Finder Warrant under the first tranche is exercisable for one Share at an exercise price of $0.48954 per Share, being the USD equivalent of C$0.6575, at any time until August 9, 2025. The exchange rate that is used to calculate the USD equivalent exercise price for each the Warrants and the Finder Warrants is the Bank of Canada’s latest published rate for the business day immediately prior to the issuance of same.

All securities issued in connection with the Private Placement are subject to a 4-month hold period, during which time trading in the securities is restricted in accordance with applicable securities laws.

The Private Placement and the listing of the Shares issued under the Private Placement and the Shares issuable upon exercise of the Warrants on the Toronto Stock Exchange (the “TSX”) are subject to final approval of the TSX upon satisfaction of customary closing conditions. The TSX has conditionally approved the Private Placement and the listing of the Shares issued thereunder and the Shares issuable upon exercise of the Warrants and the Finder Warrants prior to closing of the first tranche of the Private Placement.

Unless otherwise indicated, all dollar or “$” references are expressed in USD.

To learn more about Intermap, visit intermap.com/investors.

Intermap Reader Advisory
Certain information provided in this news release, including reference to revenue growth, growth and continuation of government contracts, pending government contracts and commercial opportunities, and closing of the second tranche of the Private Placement, constitutes forward-looking statements. The words “anticipate”, "expect", “project”, “estimate”, “forecast”, “continue”, “focus”, “will”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. 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 Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. 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 forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.