General Properties announces non-brokered private placement offering

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[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 14 /CNW/ - General Properties Ltd. (TSX Venture Exchange:\nGPL) (the "Corporation") is pleased to announce the terms of a proposed\nfinancing. The Corporation proposes to undertake a non-brokered private\nplacement offering of up to 2,500,000 equity units (the "Units") at a price of\n$0.50 per Unit, each Unit consisting of one (1) common share of the\nCorporation to be issued on a "flow-through" basis pursuant to the Income Tax\nAct (Canada) (the "Flow-Through Shares"), one (1) common share of the\nCorporation and one (1) common share purchase warrant (the "Warrants"), each\nWarrant entitling the holder thereof to purchase one (1) common share of the\nCorporation at $0.35 per share for a period of 12 months from the issuance of\nthe Warrant. The Corporation has allocated $0.25 of the price of the Unit to\nthe Flow-Through Shares.\n\n\nThe net proceeds from the proposed private placement will be used to\nundertake additional exploration in respect of the lands (the "Lands") covered\nby the 32 Metallic and Industrial Mineral Permits held by the Corporation,\nsuch permits covering an area of approximately 213,206 hectares (823.2 square\nmiles) in the Peace River area of northern Alberta, and for general corporate\npurposes. The Corporation proposes to conduct up to 5,000 meters of\nexploratory drilling on its Rambling Creek and South Whitemud Lake prospects\nas well as other exploration on the Lands.\n\n\nClosing of the private placement is targeted for December 28, 2007 or\nsuch other date as the Corporation determines. The proposed private placement\nby the Corporation is subject to approval by the TSX Venture Exchange.\n\n\nThe Corporation also announces that it decided not to complete its\nproposed non-brokered private placement of up to 1,700,000 "flow-through"\nshares at $0.60 per "flow-through" share and up to 1,700,000 equity units at\n$0.50 per equity unit, previously announced in a June 4, 2007 press release of\nthe Corporation. The Corporation's decision not to proceed was a result of the\ndownturn in the markets generally around the time of that proposed private\nplacement and the subsequent decrease in the Corporation's stock price.\n\n\nThe Corporation is a mining exploration and development company with\nholdings in ...

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