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.
The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this press release.
For further information:
For further information: Robert B. Knight, Chief Operating Officer and
Chief Financial Officer, Telephone: (403) 531-2088, Facsimile: (403) 531-2099