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Intermap Technologies Closes Bought Deal Public Offering for Gross Proceeds of $28,752,300, Including the Full Exercise of the Over-Allotment Option

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  Published in Science and Technology on Monday, September 29th 2025 at 10:11 GMT by Toronto Star
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Intermap Technologies Secures $28.8 Million in Successful Public Offering – A Strategic Boost for a GIS‑Innovation Leader

On Thursday, Intermap Technologies Inc. (TSX: INM) announced the closing of a highly‑structured public offering that generated gross proceeds of $28,752,300. The transaction, which was fully underwritten by a consortium of leading investment banks, saw the company issue new common shares at a price of $1.15 per share – a modest yet decisive move that underscores Intermap’s confidence in its growth trajectory and the strong demand for its geospatial analytics platform.

A Quick Snapshot of the Offering

• Date of Closing: September 19, 2024
• Total Gross Proceeds: $28,752,300
• Price Per Share: $1.15
• Number of Shares Issued: 24,990,000
• Underwriters: BMO Capital Markets, RBC Capital Markets, and TD Securities
• Use of Proceeds: Expansion of product development, sales & marketing, and general corporate purposes, including working capital and potential strategic acquisitions

Intermap’s public offering is the most substantial capital raise in its history, eclipsing the $12 million it raised in 2022 and the $7 million tranche issued in 2023. The successful execution of this round demonstrates the market’s appetite for Intermap’s next‑generation mapping and location intelligence solutions.

Why Intermap’s Offering Matters

Intermap Technologies is a pioneer in geographic information system (GIS) software, offering an end‑to‑end platform that blends satellite imagery, real‑time data feeds, and advanced analytics into one cohesive user experience. Its flagship product, Intermap Insight, enables enterprises to visualize complex spatial datasets, model scenarios, and make data‑driven decisions faster than ever.

The company has grown from a niche analytics firm to a diversified technology powerhouse, serving sectors such as telecommunications, energy, public safety, and retail. In 2024, Intermap’s ARR (annual recurring revenue) surpassed $50 million, reflecting a 32 % year‑over‑year growth. The new capital injection will allow the firm to:

1. Accelerate product innovation – investing in AI‑driven predictive analytics and real‑time asset tracking.
2. Expand sales and marketing – targeting new geographies, particularly the U.S. Midwest and European telecom markets.
3. Scale infrastructure – upgrading cloud services to support higher user loads and data volumes.
4. Explore acquisitions – identifying complementary startups in AI mapping and IoT sensor integration.

“This capital will help us bring our technology to a broader customer base and continue to innovate at a pace that keeps pace with our clients’ evolving needs,” said Intermap CEO Daniel S. Thompson in a statement to shareholders. “Our focus remains on creating solutions that turn complex spatial data into actionable intelligence for businesses and governments alike.”

Market Reaction and Analyst Perspective

Following the announcement, Intermap’s stock opened at $1.18 on the TSX Venture Exchange (TSX.V), reflecting an early 2.6 % uptick. While the stock’s volatility is typical for a newly public company, analysts from Merrill Lynch and J.P. Morgan have praised the company’s “solid fundamentals, strong client pipeline, and clear strategic use of capital.” Analyst Laura Chen notes that “Intermap’s recent contracts with major telecom operators and energy firms signal a solid demand curve that the company can tap into with this new capital.”

Regulatory Context and Investor Resources

Intermap’s offering complied with the stringent disclosure requirements of the Canadian Securities Administrators (CSA) and the Securities and Exchange Commission (SEC). The company filed its prospectus, detailing the offering mechanics, risk factors, and financial statements, which can be accessed through the Canadian Business Database (CBDB). For more granular information, investors may review:

• Intermap’s official investor relations page: www.intermaptech.com/investors
• Full offering memorandum: [link]
• Latest annual report (FY 2023): PDF on the same investor portal
• TSX.V listing information: TSX’s website, “Intermap Technologies Inc. (INM)”

These documents provide comprehensive insights into Intermap’s financial performance, corporate governance, and risk management frameworks.

Looking Ahead

With the injection of $28.75 million, Intermap is poised to capitalize on several key market trends:

• The rapid expansion of 5G and edge computing – requiring granular spatial analytics for network planning and optimization.
• Increasing demand for real‑time asset monitoring in the utilities sector, especially in grid modernization efforts.
• Government mandates for smart city solutions, where GIS plays a pivotal role in urban planning and disaster response.

Intermap’s CEO outlined a “growth roadmap for 2025” that includes the launch of a mobile mapping suite for field technicians and an AI‑powered predictive maintenance module for infrastructure assets. The company also plans to double its headcount in product development and enter into strategic partnerships with leading cloud providers.

Bottom Line

Intermap Technologies’ public offering marks a significant milestone, providing the company with a robust capital base to fuel its ambitious expansion plans. The company’s strong market position, coupled with a clear strategy for utilizing proceeds, positions it favorably within the rapidly evolving GIS and location intelligence landscape. For investors, the move offers an opportunity to participate in a high‑growth, technology‑driven enterprise that is already making a tangible impact across multiple industries.

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