/THIS RELEASE IS NOT FOR DISSEMMINATION IN THE UNITED STATES OR FOR
RELEASE TO U.S. NEWSWIRE SERVICES/
HALIFAX, March 11 /CNW/ - Innovative Properties Inc. (the
"Corporation")(TSX-V: INR) is pleased to announce that it has completed the
first tranche closing of its non-brokered private placement with gross
subscription proceeds in the amount of $66,500.00 and the issuance of
The Corporation announced on February 29, 2007, the intent to raise gross
proceeds of up to $110,000 and has subsequently received conditional approval
from the TSX-V to raise gross proceeds of up to $120,000 in two tranches. The
first tranche closed today and the Corporation has accepted an executed
subscription for the second tranche.
The total offering consisted of the issuance of up 2,400,000 units
("Units") of the Corporation. Each Unit is issued at a price of $0.05 and is
comprised of one common share of the Corporation and one share purchase
warrant. Each share purchase warrant is 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
The offering is subject to TSX Venture Exchange final 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
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.
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;