General Properties Ltd.

General Properties Ltd.

April 02, 2007 12:59 ET

General Properties Ltd. Announces Closing of Acquisition of Clear Hills Iron Ltd. and Peace River Energy Inc.

CALGARY, ALBERTA--(CCNMatthews - April 2, 2007) - General Properties Ltd. (TSX VENTURE:GPL) (the "Company") is pleased to announce completion of its previously announced "change of business" transaction (the "Transaction"). See the Company's Filing Statement dated March 15, 2007 on SEDAR for details of the Transaction.

The Transaction involved the acquisition by the Company of all of the issued and outstanding shares of Clear Hills Iron Ltd. ("Clear Hills") and Peace River Energy Inc. in exchange for the payment of $416,250 (Cdn.) and the issuance of 20,500,000 common shares of the Company with an aggregate deemed value of $1,383,750 (Cdn.), resulting in a total consideration of $1,800,000 (Cdn.). Clear Hills holds 32 metallic and industrial mineral permits in the Peace River area of Northern Alberta covering an area of approximately 213,206 hectares (823.2 square miles). The Company will now pursue operations as a mining company and will cease its real estate activities. As a result of the Transaction, the Company now has 44,845,957 common shares issued and outstanding.

The board of directors of the Corporation has been reconstituted and is now composed of Messers Robert Knight, Robert Peterson, Leslie Cahan and Peter Holmes. Mr. Knight has been appointed as Chief Operating Officer and Chief Financial Officer and Mr. Holmes has been appointed Chief Executive Officer.

The Corporation now intends to file all necessary final documents with the TSX Venture Exchange to obtain final approval for the Transaction.

The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

Contact Information

  • General Properties Ltd.
    Robert B. Knight
    President and Chief Executive Officer
    (403) 531-2088
    (403) 531-2099 (FAX)
    Cell phone: (403) 804-5200