By Sheri Kasprzak
Atlanta, April 1 - Corporate Properties Ltd. said it will raise C$1.5 million in a private placement.
The offering includes 1 million units at C$1.50 each.
The units are comprised of one share and one warrant. The warrants provide for an additional share at C$2.25 each through April 30, 2006 and at C$3.00 each from May 1, 2006 to April 30, 2007.
In other news, the company said it has commissioned Sea Miles LLC to be the principle operator and marketer of its Sea Miles affinity credit card program in Canada. The agreement is part of Corporate Properties' plan to launch a Canadian-based card that is co-branded with Platinum MasterCard.
Based in Toronto, Corporate Properties disposes of surplus corporate real estate. The proceeds from the offering will be used to acquire additional properties, to fund the ongoing construction of the company's property in Port Carling, Ont., to fund architectural costs and to launch its proposed credit card program in Canada. The remainder will be used for working capital.
| Issuer: | Corporate Properties Ltd.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$1.5 million
|
| Units: | 1 million
|
| Price: | C$1.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | April 30, 2007
|
| Warrant strike price: | C$2.25 through April 30, 2006; C$3.00 from May 1, 2006 to April 30, 2007
|
| Pricing date: | April 1
|
| Stock price: | C$1.15 at close March 31
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
