Intermap Technologies Corporation announced a private placement of 1,770,000 units at a price of CAD 0.5 per unit for gross proceeds of CAD 885,000 on January 16, 2024. Each unit consists of one class A common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional share at an exercise price of CAD 0.80 per share, which is exercisable for two years from the date of issuance.

The private placement included two tranches, with the first tranche consisting of the issuance of 1,650,000 units and the second tranche consisting of the issuance of 120,000 units. The transaction included participation from insiders for 20,000 units. The company also issued 81,000 warrants to certain finders.

Each finder warrant is exercisable for one share for two years from the date of issuance to each finder at a price of CAD 0.528. All securities issued in connection with the private placement are subject to a 4-month and 1 day hold period, during which time trading in the securities is restricted in accordance with applicable securities laws.