HALIFAX, June 30 /CNW/ - (TSXV - OVL) Overland Realty Limited (the
"Company" or "Overland") announced today it has completed a private placement
of common shares of the Company for aggregate gross proceeds of $4,002,502.
The non- brokered placement was completed at a subscription price of $0.65 per
common share and the resulting issuance from treasury of 6,157,696 shares in
Participation in the placement included the issuance of 1,153,850 common
shares to an existing insider of the Company. In addition, as part of the
Private Placement a finder's fee of $50,000 was remitted to an unrelated third
party. The common shares carry a four (4) month restriction on trading
expiring October 31, 2008, in accordance with applicable regulations.
The private placement was completed in compliance with the policies of
the TSX Venture Exchange and the net proceeds will be utilized for re-payment
of short-term indebtedness, additional real estate investments, and general
corporate purposes. With the closing of the private placement, the Company has
issued and outstanding 25,812,213 common shares.
Overland Realty Limited is a TSX-V listed, growth-orientated real estate
corporation based in Halifax, Nova Scotia. The company is focused on
increasing shareholder value through the acquisition, development, and
management of commercial properties in targeted Canadian markets, starting
within Atlantic Canada. Further information on Overland can be found at
The Corporation has issued and outstanding 25,812,213 common shares.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Scott McCrea, President & CEO, (902) 474-3000,
email@example.com; www.overlandrealty.ca; Source: Overland Realty