Overland announces closing of private placement

HALIFAX , Oct. 28 /CNW/ - (TSX-V - OVL) - Overland Realty Limited ("Overland" or the "Company") announced today that it has completed a private placement of common shares of the Company for aggregate gross proceeds of $4,486,750 , subject to final regulatory approval. The non-brokered private placement was completed at a subscription price of $0.50 per common share, resulting in 9,033,500 common shares being issued from treasury (including common shares issued to finders). Proceeds from the placement will be used to repay the existing Term Loan with the remainder to be used for general corporate purposes.

As part of the placement, existing insiders acquired 3,046,000 common shares, including the Chief Executive Officer, Mr. Scott McCrea and related family members. Clarke Inc., through CKI Holdings Partnership, has acquired sufficient shares to meet insider status as defined by applicable regulations through the private placement. Participation in the placement by all insiders was declared for investment purposes only, according to Early Warning Reports filed, where required, with applicable securities commissions, which depending on market conditions, may result in further purchases or disposition of their respective holdings.

The common shares carry a four (4) month restriction on trading which expires February 28, 2010 , in accordance with applicable regulations. As part of the private placement finder's fees of $30,000 were incurred with unrelated third-parties and settled through the issuance of 60,000 common shares in the Company.

About Overland

Overland Realty Limited is a TSX-V listed, real estate corporation based in Halifax , Nova Scotia. The company is focused on increasing shareholder value through the acquisition, development, and management of commercial properties in targeted Canadian markets, starting within Atlantic Canada . Further information on Overland can be found at www.overlandrealty.ca.

The Corporation has issued and outstanding 35,118,440 common shares.

    
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    

For further information: Scott Armour McCrea, President and CEO, Overland Realty Limited, [phone], [email protected]