On December 1, 2023, Intermap Technologies Corporation closed the transaction. The company issued 2,192,045 units at an issue price of CAD 0.55 per unit for the gross proceeds of CAD 1,205,624.75. Each Unit consists of one Class A common share and one transferable 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. Under the Private Placement, the company also issued 90,300 warrants to certain finders. Each Finder Warrant is exercisable for one Share for two years from the date of issuance to each finder.

48,600 of the Finders Warrants are exercisable at a price of of CAD 0.6575, and 41,700 of the Finders Warrants are exercisable at a price of CAD 0.80. 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 Toronto Stock Exchange 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.