/THIS RELEASE IS NOT FOR DISSEMMINATION IN THE UNITED STATES OR FOR
RELEASE TO U.S. NEWSWIRE SERVICES/
HALIFAX, Feb. 28 /CNW/ - Innovative Properties Inc. (the "Corporation")
(TSX-V: INR) is pleased to announce that it is arranging a non-brokered
private placement for $110,000. The offering will consist of the issuance of
up to 2,200,000 units of the Corporation (the "Units"). Each Unit will be
comprised of one common share of the Corporation and one share purchase
warrant. Each share purchase warrant will be exercisable at $0.10 per common
share and the share purchase warrant must be exercised within 24 months of
closing. The funds raised from the issuance of the Units will be used for
general corporate purposes and the advancement of the development activities
of the Corporation.
The offering is subject to TSX Venture Exchange approval and all other
required approvals. All securities issued in connection with this offering
will be subject to a four-month hold period in accordance with securities
requirements. The Corporation has 14,543,330 issued and outstanding common
The Securities have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") and were
offered and sold within the United States only to Accredited Investors (as
defined in Rule 501(a) of Regulation D under the U.S. Securities Act).
Prospective subscribers of the Units in the United States are hereby notified
that the seller of the Units is relying upon the exemption from the provisions
of Section 5 of the U.S. Securities Act provided in Section 4(2) of the U.S.
Securities Act for non-public offerings. The Securities offered hereby are not
transferable except in accordance with the restrictions described herein.
ABOUT INNOVATIVE PROPERTIES INC.
The Corporation applies the considerable real estate and business
expertise of its directors, management and staff to build a diversified
portfolio of real estate resale projects and holdings. It adds value by
applying this expertise in ways that have resulted in real estate projects
that have been commercial and critical successes. It has value-added
developers who discover real estate niches that the competition has often
On behalf of the Board of Directors, William E. Crandell, CFO and
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this Release. Innovative Properties Inc. seeks safe
For further information:
For further information: Head Office: William E. Crandell, CFO and
Director, (902) 463-2639, Fax: (902) 463-9897, email@example.com,