DENVER, CO, Aug. 5, 2020 /PRNewswire/ - (TSX: IMP) (OTCBB: ITMSF) – Patrick A. Blott, the Chairman and Chief Executive Officer of Intermap Technologies Corporation ("Intermap" or the "Company"), today announced that he has acquired 267,857 Class A common shares of Intermap ("Common Shares") from the treasury of the Company pursuant to a private placement that closed on August 5, 2020 (the "Private Placement"). The aggregate consideration paid in cash by Mr. Blott under the Private Placement was CAD$149,999.92, or CAD$0.56 per share. The Common Shares subscribed for by Mr. Blott were paid for and issued in escrow on July 31, 2020 pending closing of the Private Placement, which occurred on August 5, 2020.
The Company issued Common Shares under the Private Placement to Mr. Blott and other subscribers in order to raise funds to satisfy the Company's obligations under the amended settlement agreement (the "Settlement Agreement") entered into among the Company, its wholly-owned subsidiary, Intermap Technologies Inc., ("ITI") and PenderFund Capital Management Ltd. (the "Lender"). Under the terms of the Settlement Agreement, the Company and ITI can fully settle the Company's outstanding debt of US$33.9 million to the Lender with a payment to the Lender of US$1 million on or before September 1, 2020. There is no change in the Company's business plan or strategy as a result of the acquisition of Common Shares by Mr. Blott.
Prior to the Acquisition, Mr. Blott held 5,896,657 Common Shares, or approximately 34.15% of the issued and outstanding Common Shares. Following the Private Placement, Mr. Blott holds 6,164,514 Common Shares, which now represents approximately 29.58% of the currently issued and outstanding Common Shares following the Private Placement. Mr. Blott remains a control person of the Company, in addition to being an insider by virtue of his current positions as Chairman and Chief Executive Officer. An early warning report pursuant to National Instrument 62-103 The Early Warning System and Related Take-over Bid and Insider Reporting Issues will be filed on the Company's SEDAR profile at www.sedar.com within the prescribed time. A copy of the report may be obtained by contacting Mr. Blott at the Company using the following contact information:
Intermap Technologies Corporation
8310 South Valley Highway, Suite 400
Englewood, Colorado 80112
+1 (303) 708-0955
SOURCE Patrick A. Blott