Innovative Properties Inc. closed its private placement of 40 million shares at 5 Canadian cents per share, for gross proceeds of C$2 million.

The real estate company paid a fee of C$62,500 in shares to Eventus Capital Corp. and other eligible finders and issued 1,250,000 nontransferable broker's warrants to eligible finders. The warrants entitle the holder to acquire a share at 5 cents apiece for a period of two years.