GGL Diamond Corp.

GGL Diamond Corp.

December 21, 2007 18:39 ET

GGL Announces Closing of Non-Brokered Flow-Through Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2007) -


Raymond A. Hrkac, President and CEO of GGL Diamond Corp. (TSX VENTURE:GGL) ("GGL") is pleased to announce that GGL has closed the non-brokered private placement of flow-through shares announced on November 23, 2007. The placement raised a total of $4,014,500 at $0.25 per share for a maximum of 16,058,000 flow-through shares. The securities have a hold period until April 22, 2008.

Up to $2,851,000 of the gross proceeds will be allocated to projects in the Northwest Territories, with the majority to be spent on the nickel project and a portion on diamond projects. Up to $1,163,500 of the gross proceeds will be allocated to further explore GGL's copper-gold prospect at McConnell Creek in British Columbia, based on recommendations in the NI 43-101 technical report on this property (see press release of September 4, 2007).

The Company will incur the subscription proceeds allocated to the flow-through shares as Canadian exploration expense, as defined in the Income Tax Act of Canada, and renounce such proceeds to the subscribers effective for the 2007 tax year.

The private placement was accepted by the TSX Venture Exchange on December 19, 2007.

GGL has paid finders' fees to arms' length finders, a total of $237,600 in cash and 160,000 common shares, representing no greater than 8% of the gross proceeds of subscriptions identified by these finders.


Raymond A. Hrkac, President & CEO

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered in the United States Securities Act of 1933, as amended (the "US Securities Act") or any state securities laws and may not be offered or sold within the United States or to US Persons unless registered under the US Securities Act and applicable securities laws or an exemption from such registration is available.

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "advance", "expects", "plans", "anticipates", "believes", "intends", "allocated", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could", "should" or are "subject to" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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

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