07:30 AM EDT, 07/04/2024 (MT Newswires) -- Intermap Technologies ( ITMSF ) , a global player in 3D geospatial products and intelligence services, overnight Wednesday said that it plans to raise about $1.9 million via an offering up to 4.3 million Class "A" common shares.

The company plans to use the proceeds for the execution of contracts and working capital. The capital will mainly be used for its contract with the Indonesian government to map the island of Sulawesi and on a renewed and expanded contract with the U.S. Air Force.

The net proceeds could also be used in connection with other Southeast Asian contract awards and a major renewal and expansion of a global insurance client agreement, the company said.

Intermap ( ITMSF ) has received its special area permit from Indonesia.

The offering is expected to close in one or more tranches between July 4 and Aug. 16.

The company's stock rose more than 4% in Canada yesterday.