Gordon Neal Acquires Additional Securities of Innovative Properties Inc.
November 13 2009 - 9:08AM
Marketwired
Gordon Neal ("Neal"), President of Innovative Properties Inc. (TSX
VENTURE: INR) ("Innovative") announces that Neal has directly
acquired in a private placement transaction, for cash
consideration, of $25,000 beneficial ownership of a secured
convertible debenture of Innovative in the amount of $25,000 ("Neal
Debenture"). The Neal Debenture bears interest at the rate of
fifteen percent (15%) per annum, with interest payable quarterly,
and will mature on June 30, 2010 ("Maturity Date"). Neal may
convert the Neal Debenture into common shares of the Corporation
("Shares") at a conversion rate of $0.10 per Share ("Conversion
Price") at any time until the Maturity Date. The Neal Debenture is
secured by the pledge of the common shares of DIME - Dynamic
Integrated Marketing Enterprises Inc. ("DIME"), a wholly-owned
subsidiary of the Corporation.
Neal also indirectly acquired in the private placement
transaction for cash consideration of $100,000 beneficial ownership
of a secured convertible debenture in the amount of $100,000
("Epworth Debenture"). Similar to the Neal Debenture, the Epworth
Debenture bears interest at the rate of fifteen percent (15%) per
annum, with interest payable quarterly, and will mature on the
Maturity Date. The Epworth Debenture is convertible into Shares at
the Conversion Price at any time until Maturity Date. The Epworth
Debenture is secured by the pledge of the common shares of
DIME.
Following the acquisition, Neal owns an aggregate of 2,280,643
Shares and 930,000 share purchase warrants (the "March 2010
Warrants") exercisable into 930,000 Shares at a purchase price of
$0.10 per Common Share until March 6, 2010, 1,070,000 share
purchase warrants (the "April 2010 Warrants") exercisable into
1,070,000 Shares at a purchase price of $0.10 per Common Share
until April 15, 2010, 280,643 share purchase warrants (the "March
2011 Warrants") exercisable into 280,643 Shares at a purchase price
of $0.14 per Common Share until March 2, 2011, 124,285 share
purchase options ("Options") exercisable into 124,285 Shares until
September 2, 2010 at an exercise price of $0.10, the Neal Debenture
convertible into 250,000 Shares and the Epworth Debenture
convertible into 1,000,000 Shares. Assuming the exercise of the
March 2010 Warrants, the April 2010 Warrants, the March 2011
Warrants and the Options, and the conversion of the Neal Debenture
and the Epworth Debenture, Neal would own 5,935,571 Shares or
approximately 21.05% of the issued and outstanding Shares, or
15.35% on a fully diluted basis.
Neal indirectly owns all of the issued and outstanding shares of
Epworth Marketing Limited, which directly acquired the Epworth
Debenture.
The Neal Debenture and the Epworth Debenture were acquired for
investment purposes. Neal has not made any determination with
respect to future ownership of, or control over, any additional
securities of Innovative. Neal may in the future acquire, directly
or indirectly, additional Shares or other securities of Innovative
in the market or through private or other transactions, sell all or
some portion of the shares of Innovative he owns or controls, or
enter into derivative or other transactions with respect to such
Shares.
Contacts: To obtain a copy of the early warning report:
Innovative Properties Inc. Gordon Neal 902-404-3353
(TSXV:INR)
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