Intermap Closes Private Placement

Strong investor demand from longstanding investors and new shareholders

Funds raised strengthen capital structure and position the Company for growth

DENVER, March 21, 2022 /CNW/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial content development and intelligence solutions, today announced the closing of its previously announced private placement ("Private Placement") of Class A common shares of the Company ("Shares"). The Private Placement included the issuance of 4,008,288 Shares at a price of C$0.51 per Share for aggregate gross proceeds of C$2,044,227.

The Private Placement included participation from longstanding investors as well as new shareholders. Importantly, this Placement included the addition of a new and large U.S. institutional investor. The capital raised strengthens Intermap's balance sheet and enables the Company to capitalize on new opportunities, expand its product offerings, pursue new strategic government and commercial contracts and grow existing contracts with key clients.

"We appreciate our shareholders' support," said Patrick A. Blott, Intermap Chairman and CEO. "The proceeds of the Private Placement will help fund the future growth of the Company and position us to execute on compelling opportunities."

Intermap expects to announce its audited year-end financial results before the end of March 2022.

Intermap also issued a total of 131,735 warrants to certain finders (the "Warrants") under the Private Placement at an exercise price equal to the U.S. dollar equivalent of $0.68 per share, which are exercisable for two years from the date of issuance to each finder. The exchange rate used to calculate the U.S. dollar equivalent exercise price was the Bank of Canada's latest published rate for the day immediately prior to the issuance of the Warrants for each finder.

All securities issued in connection with the Private Placement are subject to a 4-month hold period, during which time 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 and the Shares issuable upon exercise of the Warrants on the Toronto Stock Exchange (the "TSX") are subject to final approval of the TSX upon satisfaction of customary closing conditions. The TSX conditionally approved the Private Placement and the listing of the Shares issued thereunder and the Shares issuable upon exercise of the Warrants prior to closing the Private Placement.

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

Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", "intends" 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. Forward-looking information or statements in this news release include the use of proceeds from the Private Placement and the impact of such proceeds on the business of Intermap. Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, 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; OTCQX: ITMSF) is a global leader in geospatial intelligence solutions. The Company's proprietary 3D NEXTMap® elevation datasets and value-added geospatial collection, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data. Intermap helps governments build authoritative geospatial datasets and provides solutions for base mapping, transportation, environmental monitoring, topographic mapping, disaster mitigation, smart city integration, public safety and defense. The Company's commercial applications include aviation and UAV flight planning, flood and wildfire insurance, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. For more information, please visit www.intermap.com.

SOURCE Intermap Technologies Corporation

Jennifer Bakken, Executive Vice President and CFO, [email protected], [phone]