The Company has deployed to Indonesia to execute on its $20 million contract NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES DENVER, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Intermap Technologies (TSX:IMP, OTCQB:ITMSF) ("Intermap" or the "Company"), a global leader in 3D geospatial products and intelligence solutions, announces a second amendment to the terms of its offering of Class "A" common shares of the Company ("Common Shares"), previously announced on July 3, 2024 and initially amended on July 19, 2024, as a result of high demand (as further amended as described herein, the "Offering"). Intermap closed the second tranche of the Offering on July 26, 2024, which included the issuance of 2,085,000 Common Shares at a price of CAD$0.45 per Common Share for aggregate gross proceeds of CAD$938,250. The previously announced closing of the first tranche of the Offering included the issuance of 2,770,000 Common Shares at a price of CAD$0.45 per Common Share for aggregate gross proceeds of CAD$1,246,500. To date, the Company has issued an aggregate of 4,855,000 Shares under the Offering for aggregate gross proceeds of CAD$2,184,750. Due to high demand, the Company is increasing the total maximum number of Common Shares to be offered by 482,778 additional Common Shares, for an aggregate maximum under the Offering of up to 7,149,444 Common Shares when combined with the Common Shares issued under the first and second tranches. The additional Common Shares are being offered at the same price of CAD$0.45 per Common Share, for maximum gross proceeds under the Offering of up to approximately CAD$3,217,250. Upon issuance, all of the Common Shares issued under the Offering will rank pari passu in all respects with the Company's existing issued Common Shares. The Company intends to close the oversubscribed third and final tranche of the Offering before August 9, 2024. The closing of each tranche of the Offering, including the third tranche, is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals. In connection with this Offering, Intermap has engaged a third-party finder (the "Finder") to conduct a best efforts private placement of the Common Shares. The Finder will receive the same fee of: (i) an aggregate cash fee equal to 1% of the gross proceeds of the Offering; and (ii) an issuance of Common Shares equal to 6% of the Common Shares placed by the Finder under Offering. The Company intends to use the aggregate net proceeds of the Offering for the execution of contracts and for working capital. Primarily, the capital will be used to execute on its contract with the government of Indonesia to map the island of Sulawesi, representing 10% of Indonesia ...