IMAP Intermap Tech

 
TIDMIMAP 
 
 

  Intermap Technologies Corporation (the "Company") today announced the closing of the offering by short form prospectus as previously announced on April 7, 2009. The Company sold 5,000,000 units ("Units") at a price of C$2.00 per Unit through Canaccord Capital Corporation ("Canaccord") pursuant to an underwriting agreement dated April 13, 2009. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant will be exercisable at a price of C$3.00 for a period of one year from the closing date into an additional common share. 

  The offering resulted in total gross proceeds to Intermap of C$10,000,000. The net proceeds from the financing will be used for general corporate purposes. The Company granted to Canaccord 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 Units equal to 15% of the number of Units 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$11,500,000. 

  Application has been made for all common shares issued or issuable 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 April 28, 2009. Subsequent to the April 27, 2009 closing, Intermap has 51,188,713 common shares in issue, none of which are held in treasury. 

  Brian Bullock, Intermap's president and CEO stated, "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 increase our working capital and strengthen the Company's balance sheet to better position ourselves to take advantage of opportunities that may be presented. This positioning is especially important in light of current and forecasted macro-economic conditions. The wide range of solutions that can be created through GIS applications by having access to a high-quality and uniform set of 3D data is continuing to expand. Our investors realize Intermap is setting the stage for 3D data that can supply the expanding needs of various markets worldwide." 

  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 (TSX:IMP.TO) (AIM:IMAP.L) is a preeminent digital mapping company creating uniform high-resolution 3D digital models of the earth's surface. The Company has proactively remapped entire countries and is building uniform national datasets, called NEXTMap®, consisting of affordably priced elevation data and geometric images of unprecedented accuracy. Demand for NEXTMap data is growing as new commercial applications emerge within the GIS, engineering, automotive, consumer electronics, insurance risk assessment, oil and gas, renewable energy, hydrology, environmental planning, wireless communications, transportation, aviation, and 3D visualization markets. Headquartered in Denver, Colorado, Intermap employs more than 850 people worldwide, with additional offices in Calgary, Detroit, Jakarta, London, Munich, Ottawa, Paris, Prague, and Washington D.C. For more information, visit www.Intermap.com or www.AccuTerra.com. 

  NEXTMap® is a registered trademark of Intermap Technologies Corporation. 

  Intermap Reader Advisory 

  This news release contains 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 there from. 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:   Intermap Technologies 
           Richard Mohr, 303-708-0955 
           Senior Vice President & Chief Financial Officer 
           rmohr@intermap.com 
           or 
           Canada - Financial 
           E-vestor Communications Inc. 
           Corbet Pala, 416-657-2400 
           Investor Relations 
           cpala@evestor.com 
           or 
           United States - Financial 
           Genesis Select Corporation 
           Budd Zuckerman, 303-415-0200 
           Investor Relations 
           bzuckerman@genesisselect.com 
           or 
           United Kingdom - AIM, Nominated Advisor 
           Canaccord Adams Limited 
           Andrew Chubb, +44 (0) 207 050 6500 
 
 
 
 
 

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