CALGARY, Dec. 21 /CNW/ - General Properties Ltd. (TSXV: GPL) (the "Corporation") is pleased to announce that it has closed its previously announced non-brokered private placement. The Corporation issued securities comprising 580,000 equity units ("Units") at a price of $0.50 per Unit. Each Unit is comprised of one common share of the Corporation, one common share issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) and one common share purchase warrant (a "Warrant"), each Warrant entitling the holder thereof to acquire one additional common share in the capital of the Corporation at a price of $0.35 for a period of 12 months from the closing of the private placement.
Total gross proceeds of the private placement were $290,000. The net proceeds of the private placement will be used to undertake additional exploration in respect of the lands covered by the 32 Metallic and Industrial Mineral Permits held by the Corporation, such permits covering an area of approximately 213,206 hectares (823.2 square miles) in the Peace River area of northern Alberta, and for general corporate purposes.
All securities are subject to a hold period and may not be sold or otherwise traded on or through the facilities of the TSX Venture Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until April 21, 2008.
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the adequacy or accuracy of this press release.