Global Development Resources, Inc.

June 08, 2006 16:32 ET

CORRECTION FROM SOURCE: Global Development Resources, Inc. 'TSX V symbol: GDV.U' Announces Private Placement of US$300,000

TORONTO, ONTARIO--(CCNMatthews - June 8, 2006) - The following release is a correction to the gross proceeds and the number of shares issuable for a private placement financing as previously announced in a press release at 12:52 p.m. June 8, 2006. - Global Development Resources, Inc. (the "Company")(TSX VENTURE:GDV.U) announces that it is proceeding with a private placement financing of 666,666 common shares at US$0.45 per common share for total gross proceeds of US$300,000.

The proceeds of the private placement will be used to provide additional working capital in support of the Company's business plan.

The common shares will be subject to a four (4) month hold period.

Insiders of the Company will be subscribing to the 666,666 common shares.

The financing is subject to regulatory approval.

Contact Information

  • Global Development Resources, Inc.
    Mr. Chris Carmichael
    (416) 488-7760