Corporate Properties Limited

October 03, 2005 13:54 ET

Corporate Properties Limited: Private Placements

TORONTO, ONTARIO--(CCNMatthews - Oct. 3, 2005) - The Board of Directors of Corporate Properties Limited (TSX VENTURE:CPR) is pleased to announce that it has closed the previously announced private placement raising $500,000.00. 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 30, 2006, or, if and to the extent not exercised by that date, at $3.50 from October 1, 2006 up to and including September 30, 2007. The hold period for the common share and common share purchase warrants expires January 31, 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