CALGARY, May 13 /CNW/ - General Properties Ltd. (TSX Venture Exchange: GPL) (the "Corporation") is pleased to announce the terms of a proposed financing. The Corporation proposes to undertake a non-brokered private placement offering of up to 3,000,000 equity units (the "Units") at a price of $0.25 per Unit, each Unit consisting of one (1) common share of the Corporation and one (1) common share purchase warrant (the "Warrants"), each Warrant entitling the holder thereof to purchase one (1) common share of the Corporation at $0.50 per share for a period of 12 months from the issuance of the Warrant.
The net proceeds from the proposed private placement will be used towards the Corporation's proposed acquisition of a 70% interest in a past producing gold mining property located approximately 70 miles from Phoenix, as announced in the Corporation's January 24, 2008 press release, and for general working capital requirements.
Closing of the private placement is targeted for June 25, 2008 or such other earlier or later date as the Corporation determines and the TSX Venture Exchange allows. The proposed private placement by the Corporation is subject to approval by the TSX Venture Exchange.
The Corporation also announces the grant of stock options to Mr. Louis Wolfin, a director of the Corporation, to acquire an aggregate of 250,000 common shares of the Corporation at an exercise price of $0.27 per share, such options to expire on April 28, 2013.
The Corporation is a mining exploration and development company with holdings in northern Alberta, Canada. Information about the Corporation can be found at www.sedar.com.
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or accuracy of this press release and has neither approved nor
disapproved the contents of this press release.