Intermap Technologies Completes Private Placement

Closes additional tranches raising $2.0 million at $1.03 per share

Total gross proceeds exceed $3.75 million

More than $5.5 million raised since announcing Vertex Settlement

Proceeds applied to eliminate debt, recapitalize and fund future growth

DENVER, November 12, 2020 - Intermap Technologies Corporation ("Intermap" or the "Company") today announced that it completed its previously announced private placement (the "Private Placement") of Class A common shares ("Shares"), with the closing of two additional tranches: 728,000 Shares were issued on November 6, 2020 and 1,270,000 Shares were issued on November 12, 2020. Both tranches were issued at a price of CAD$1.03 per Share, for aggregate gross proceeds of CAD$2,057,940.

Together with the initial tranche of 1,648,874 Shares, which closed on November 3, 2020, the Company issued a total of 3,646,874 Shares at a price of CAD$1.03 per Share for aggregate gross proceeds of CAD$3,756,280. The Company intends to use the net proceeds of the Private Placement to recapitalize and fund growth. The capital was raised while protecting the Company's valuable tax attributes under IRC Section 382, with a total Ownership Shift not exceeding 45%.

"Intermap is engaging with investors and executing capital transactions that are accretive and tax efficient," said Patrick A. Blott, Intermap Chairman and CEO. "While the industry addresses COVID-related challenges, we are aggressively taking advantage of opportunities to accelerate our business plan and strengthen our balance sheet. In this regard, the Company is grateful for the support of Cormark Securities, which helped us further build our base of sophisticated and reliable long-term investors."

All Shares issued under the Private Placement are subject to a four-month hold period during which trading in the securities is restricted in accordance with applicable securities laws. The Private Placement and the listing of the Shares issued under the Private Placement on the Toronto Stock Exchange (the "TSX") are subject to final approval of the TSX upon satisfaction of customary closing conditions. The TSX has conditionally approved the Private Placement and the listing of the Shares issued thereunder.

Cormark Securities Inc. acted as adviser to the Company on the Private Placement.

For more information about Intermap's geospatial solutions, visit to download a presentation.

Intermap Reader Advisory

Certain information provided in this news release, including the use of proceeds of the Private Placement, constitutes forward‐looking statements. The words "intends to", "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", and similar expressions are intended to identify such forward‐looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap's forward‐looking statements are subject to risks and uncertainties pertaining to, among other things, COVID‐19 and its impact on both the Company's business and operations and those of its customers, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's Annual Information Form and other securities filings. While the Company makes these forward‐looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. 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 therefrom. All subsequent forward‐looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. 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 forward‐looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

About Intermap Technologies

Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP) (ITMSF: BB) is a global leader in geospatial intelligence solutions. The Company's proprietary NEXTMap® database and value‐ added geospatial data management, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high‐resolution elevation data, including aviation, engineering, environmental planning, government markets, hydrology, insurance, land management, law enforcement and patrol, oil and gas, renewable energy, telecommunications, transportation and utilities. Intermap's commercial applications include location‐based intelligence, risk assessment, geographic information systems, global positioning systems and 3D visualization. For more information, please visit

For further information, please contact:

Jennifer Bakken, Executive Vice President and CFO,, +1 (303) 708-0955