Intermap Technologies Corp. announced it has completed a previously announced private placement with the Company's two largest shareholders and certain other investors, for aggregate gross proceeds of CDN$6,450,000 of units ("Units") at a price of CDN$0.40 per Unit (the "Offering").
In addition, 1,225,000 Warrants were issued for agency fees.
According to a release, each Unit consists of one common share (a "Common Share") and one Common Share purchase warrant (a "Warrant") of Intermap. Each Warrant will entitle the holder to purchase one Common Share at a purchase price of CDN$0.48 per share for a period of three years from the issue date.
The proceeds of the Offering will be used by the Company to fund working capital, expand its internet commerce capabilities, integrate third party terrain data, and for general corporate purposes.
Intermap Technologies is a preeminent digital mapping and geospatial solutions provider that has set the industry standard for creating uniform high-resolution 3D digital models of the earth's surface.
More information:
www.intermap.com
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