General Properties announces non-brokered private placement offering and grant of stock options

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[{"type":"text","content":"\n\n\n\nCALGARY, May 13 /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 3,000,000 equity units (the "Units") at a price of\n$0.25 per Unit, each Unit consisting of 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 $0.50 per share for a period of 12 months from the issuance of\nthe Warrant.\n\n\nThe net proceeds from the proposed private placement will be used towards\nthe Corporation's proposed acquisition 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\nClosing of the private placement is targeted for June 25, 2008 or such\nother earlier or later date as the Corporation determines and the TSX Venture\nExchange allows. The proposed private placement by the Corporation is subject\nto approval by the TSX Venture Exchange.\n\n\nThe Corporation also announces the grant of stock options to Mr. Louis\nWolfin, a director of the Corporation, to acquire an aggregate of 250,000\ncommon shares of the Corporation at an exercise price of $0.27 per share, such\noptions to expire on April 28, 2013.\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 does not accept responsibility for the adequacy\n\n\nor accuracy of this press release and has neither approved nor\n\n\ndisapproved the contents of this press release.\n\n\n","length":1970,"tagName":"div"}]

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