Intermap Secures Initial Funds for LIFE Offering

July 19, 2024 : Intermap Technologies Corporation (TSX: IMP; OTCQB: ITMSF) announced the successful closing of the first tranche of its LIFE (Liquidity for Investment and Exploration) offering on July 17, 2024. This development marks a positive step forward in the company’s efforts to secure funding for ongoing projects and future growth initiatives.

The initial tranche of the offering resulted in the issuance of 2,770,000 common shares for CAD$0.45 per share, raising gross proceeds of approximately CAD$1,246,500 (approximately USD 970,000 based on current exchange rates). Intermap plans to close a second tranche within two weeks at the same price per share, potentially bringing the total offering amount to CAD$1,935,000 (approximately USD 1,500,000).

The proceeds from the LIFE offering are earmarked to support two key projects for Intermap. A significant portion of the funds will be directed towards mapping the island of Sulawesi in Indonesia, undertaken on behalf of the Indonesian government. Additionally, the offering will contribute to expanding an existing contract with the U.S. Air Force.

The successful closing of the first tranche signifies investor confidence in Intermap’s future prospects. The funds secured will enable the company to advance these critical projects, potentially leading to further revenue generation and contract opportunities.

It is important to note that the offering remains subject to final approval from the Toronto Stock Exchange (TSX). However, the initial tranche closure suggests a positive outlook for the offering’s completion.

In conclusion, Intermap’s initial success with the LIFE offering represents a significant financial milestone for the company. The secured funds will empower Intermap to progress essential projects and potentially pave the way for future growth and business development.

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