General Mining Properties Ltd. announces closing of private placement of units

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[{"type":"text","content":"\n\n\n\nCALGARY, Oct. 16 /CNW/ - General Mining Properties Ltd. (TSXV: GPL) (the\n"Corporation") is pleased to announce that it has closed its previously\nannounced non-brokered private placement. The Corporation issued securities\ncomprising 500,000 equity units ("Units") at a price of $0.25 per Unit. Each\nUnit is comprised of one common share of the Corporation and one common share\npurchase warrant (a "Warrant"), each Warrant entitling the holder thereof to\nacquire one additional common share in the capital of the Corporation at a\nprice of $0.50 for a period of 12 months from the closing of the private\nplacement.\n\n\nTotal gross proceeds of the private placement were $125,000. The net\nproceeds of the private placement will be used towards the Corporation's\nproposed acquisition (the "Transaction") of a 70% interest in a past producing\ngold mining property located approximately 70 miles from Phoenix, as announced\nin the Corporation's January 24, 2008 press release, and for general working\ncapital requirements.\n\n\nAll securities are subject to a hold period and may not be sold or\notherwise traded on or through the facilities of the TSX Venture Exchange or\notherwise in Canada or to or for the benefit of a Canadian resident until\nFebruary 17, 2009.\n\n\nThe Corporation is a mining exploration and development company with\nholdings in northern Alberta, Canada. Information about the Corporation can be\nfound at www.sedar.com.\n\n\nThe TSX Venture Exchange has in no way passed on the merits of the\nTransaction and has neither approved nor disapproved the contents of the press\nrelease. There can be no assurance that the Transaction will be completed as\nproposed or at all. Trading in the securities of the Corporation should be\nconsidered highly speculative.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this press release.\n\n\n","length":2030,"tagName":"div"}]

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