Overland announces financing option

    HALIFAX, Jan. 29 /CNW/ - (TSX-V - OVL) - Overland Realty Limited
("Overland" or the "Company") announced today that it has completed a
financing package which enables the Company to convert its current Bridge
Facility to a multi-year Term Loan. With the execution of this conversion
option, the Company faces no mortgage expirations for nearly four (4) fiscal
years, with the exception of a single property mortgage of approximately $1.90
million at maturity, in 2010.
    The financing agreement with KingSett Real Estate Mortgage LP No.3
("KingSett"), permits the Company, at its sole option, to convert any
outstanding Bridge Facility balance at its July 2009 expiration to a new three
(3) year Term Loan. The Term Loan is open for repayment without penalty by
Overland throughout its duration, and is bound and secured by materially all
covenants and collateral as the original Bridge Facility. The Term Loan, if
exercised, will carry an annual interest rate of 12.95% payable monthly in
advance, with provisions for partial amortization in quarterly installments by
the Company. A commitment fee to KingSett, the current Bridge Facility lender,
shall be payable regardless of the execution of this option. Overland's
current Bridge Facility stands at $4,474,036, down from its original balance
of $19,000,000.
    "We are pleased to have the flexibility to convert the remaining bridge
mortgage indebtedness to a new Term Loan. We believe this stabilized capital
structure gives the Company the capacity to focus on new opportunities and
developments as well as the agility to determine the timing and form of
additional investments and placements." stated Mr. Scott McCrea, President and
Chief Executive Officer.


    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 Armour McCrea, President and CEO,
Overland Realty Limited, (902) 474-3000, information@overlandrealty.ca

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