General Properties Ltd. announces closing of private placement of units

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[{"type":"text","content":"\n\n\n\nCALGARY, Dec. 21 /CNW/ - General 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 580,000 equity units ("Units") at a price of $0.50 per Unit. Each\nUnit is comprised of one common share of the Corporation, one common share\nissued on a "flow-through" basis pursuant to the Income Tax Act (Canada) and\none common share purchase warrant (a "Warrant"), each Warrant entitling the\nholder thereof to acquire one additional common share in the capital of the\nCorporation at a price of $0.35 for a period of 12 months from the closing of\nthe private placement.\n\n\nTotal gross proceeds of the private placement were $290,000. The net\nproceeds of the private placement will be used to undertake additional\nexploration in respect of the lands covered by the 32 Metallic and Industrial\nMineral Permits held by the Corporation, such permits covering an area of\napproximately 213,206 hectares (823.2 square miles) in the Peace River area of\nnorthern Alberta, and for general corporate purposes.\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\nApril 21, 2008.\n\n\n The TSX Venture Exchange does not accept responsibility for\n the adequacy or accuracy of this press release.\n\n\n","length":1634,"tagName":"div"}]

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