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Innovative Properties Inc. - Second tranche of Private placement $120,000 @ $0.05 per unit closed

HALIFAX, April 15 /CNW/ - Innovative Properties Inc. (the "Corporation") (TSX-V: INR) is pleased to announce that it has completed the second tranche closing of its non-brokered private placement with gross subscription proceeds in the amount of $53,500.00 and the issuance of 1,070,000 Units. The Corporation announced on February 29, 2007, the intent to raise gross proceeds of up to $110,000 and has subsequently received conditional approval
from the TSX-V to raise gross proceeds of up to $120,000 in two tranches. The first tranche closed on March 5, 2008 raising gross proceeds of $66,500 with the issuance of 1,330,000 Units and the second tranche closed today to one purchaser. The total offering consisted of the issuance of up 2,400,000 units ("Units") of the Corporation. Each Unit is issued at a price of $0.05 and is comprised of one common share of the Corporation and one share purchase warrant. Each share purchase warrant is exercisable at $0.10 per common share and the share purchase warrant must be exercised within 24 months of closing. The funds raised from the issuance of the Units will be used for general corporate purposes and the advancement of the development activities of the Corporation.

The offering is subject to TSX Venture Exchange final approval and all
other required approvals. All securities issued in connection with this
offering will be subject to a four- month hold period in accordance with
securities requirements.

The Securities have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "U.S. Securities Act") and were offered and sold within the United States only to Accredited Investors (as defined in Rule 501(a) of Regulation D under the U.S. Securities Act). Prospective subscribers of the Units in the United States are hereby notified that the seller of the Units is relying upon the exemption from the provisions of Section 5 of the U.S. Securities Act provided in Section 4(2) of the U.S. Securities Act for non-public offerings. The Securities offered hereby are not transferable except in accordance with the restrictions described herein.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this Release. Innovative Properties Inc. seeks safe harbour.

For further information: Head Office: Gordon Neal, Secretary, (902)463-2639, Fax: (902) 463-9897, info@innovativeproperties.com;
www.innovativeproperties.com

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