VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2013) - Michael L. Loprieno, of Lockport, Illinois, announces that he has acquired beneficial ownership and control over an aggregate total of 5,481,662 common shares of CapGain Properties Inc. (the "Corporation") at a deemed price of $0.105 per common share and 420,000 common shares of the Corporation at a price of $0.075 per common share.
Prior to the acquisition, Mr. Loprieno did not did not own, nor have control or direction over, any common shares of the Corporation.
As a result of the acquisition, Mr.Loprieno now has beneficial ownership and control of an aggregate total of 5,901,662 common shares of the Corporation, which represents 12.42% of the Corporation's issued and outstanding common shares.
The 5,481,662 common shares were acquired by Mr. Loprieno pursuant to the Qualifying Transaction of the Corporation and the 420,000 common shares were acquired pursuant to a transfer within escrow in connection with the Qualifying Transaction. Mr. Loprieno may, in the future, acquire ownership and control over additional securities of the Corporation for investment purposes.
The 5,481,662 common shares of the Corporation were acquired by Mr. Knight pursuant to Section 2.16 of National Instrument 45-106 Prospectus and Registration Exemptions; and no exemption from securities legislation was required in relation to the acquisition of the 420,000 common shares transferred within escrow.