Innovative Properties Inc.

Innovative Properties Inc.

November 11, 2009 09:25 ET

Innovative Properties Inc. Announces Closing $473,000 First Tranche of Private Placement of Up to $600,000 in Secured Convertible Debentures

HALIFAX, NOVA SCOTIA, CANADA--(Marketwire - Nov. 11, 2009) -


Innovative Properties Inc. (the "Corporation") (TSX VENTURE:INR) is pleased to announce that it closed yesterday the first tranche of a non-brokered private placement (the "Private Placement") of secured convertible debentures ("Debentures") in the aggregate amount of $473,000. The Private Placement, which was originally announced by the Corporation on October 27, 2009, is up to $600,000. It is expected that the second tranche of the Private Placement will close by November 30, 2009. The Debentures bear interest at the rate of fifteen percent (15%) per annum, with interest payable quarterly, and will mature on June 30, 2010 (the "Maturity Date"). Debenture holders may convert the Debentures into common shares of the Corporation ("Shares") at a conversion rate of $0.10 per Share at any time until the Maturity Date. The Debentures are secured by the pledge of the common shares of DIME - Dynamic Integrated Marketing Enterprises Inc., a wholly-owned subsidiary of the Corporation. The original announcement stated that $255,000 of existing debt would be converted in this Debenture however no debt was converted.

A total of $270,000 of this first tranche was subscribed to by insiders of the Corporation, including the Chief Executive Officer, Chief Financial Officer and two of the Corporation's directors. $45,000 of the $270,000 subscribed by insiders of the Corporation is being held in escrow pursuant to the TSX Venture Exchange conditional approval of the Private Placement.

The funds raised from the Private Placement will be used for repayment of debt, general corporate purposes and the advancement of the development activities of the Corporation.

The Debentures and the Shares issuable on the conversion of the Debentures are subject to a four month hold period that expires on March 11, 2010. The Private Placement is subject to receipt of final TSX Venture Exchange approval. The Corporation has 24,537,825 issued and outstanding Shares.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Innovative Properties Inc. in any jurisdiction.


Innovative Properties Inc. is a publicly traded Canadian corporation involved in property management related services and technologies.


Certain information regarding the Corporation contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Corporation cautions that actual performance will be affected by a number of factors, many of which are beyond the Corporation's control, and that future events and results may vary substantially from what the Corporation currently foresees. Discussion of the various factors that may affect future results is contained in the Corporation's audited annual financial statements and management discussion and analysis for the year ended October 31, 2008 which were filed to SEDAR on February 25, 2009 and are available at The Corporation's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release.

Contact Information