Corporate Properties Limited

September 19, 2005 10:25 ET

Corporate Properties Limited Private Placements

TORONTO, ONTARIO--(CCNMatthews - Sept. 19, 2005) - The Board of Directors of Corporate Properties Limited (TSX VENTURE:CPR) is pleased to announce that it is raising $500,000.00 by way of private placement. Pursuant to this private placement the Company will issue 200,000 units at $2.50 per unit. Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant is exercisable at $3.00 up to and including September 16, 2006, or, if and to the extent not exercised by that date, at $3.50 from September 17, 2006 up to and including September 16, 2007. The hold period for the common share and common share purchase warrants expires four months from the closing date. The closing is expected to happen between September 20 and September 23, 2005.

The proceeds of the private placement will be used for the initial construction costs of two of the Company's Muskoka properties; to help fund the Company's architectural, engineering and survey costs of developing its properties in Port Carling; to help fund the marketing costs of the Company's loyalty travel program Seapoints; and for general working capital purposes.

The TSX Venture Exchange has neither approved nor disapproved of this press release.

Contact Information

  • Corporate Properties Limited
    Tom Sheppard
    (416) 966-6885