ZipLocal closes private placement

On July 31, 2007, ZipLocal Inc. announced the closing of its previously announced best efforts private placement of special warrants for aggregate gross proceeds of $6,086,516.04. Each special warrant is exercisable, without payment of additional consideration, for one common share of ZipLocal on or before December 1, 2007. ZipLocal is a local business directory that connects buyers and sellers through an intuitive and user-defined interface.

A syndicate led by GMP Securities L.P. and including Orion Securities Inc., Canaccord Securities Inc. and Cormark Securities Inc., acted as ZipLocal's agents in connection with the private placement. GMP Securities L.P. was advised in this transaction by Georges Dubé, Jeffrey Klam and Leanne Shaughnessy of Fasken Martineau.