GDV Resources Inc.

February 18, 2011 14:51 ET

GDV Resources Inc. Issues Shares for Debt

TORONTO, ONTARIO--(Marketwire - Feb. 18, 2011) - GDV Resources Inc. (TSX VENTURE:GDV.H) (the "Company") announces that pursuant to a resolution passed by disinterested shareholders on November 24, 2010 the Company has issued 2,477,000 common shares at a price of $0.05 per share to settle debt in the amount of $123,850. This amount includes 1,500,000 shares to settle $75,000 due to GC-Global Capital Corp., a related party as a result of common officers and share ownership, 525,000 shares to settle $26,250 due to Chris Carmichael, the Company's former Chief Financial Officer and Director and 452,000 shares to settle $22,600 due to a company controlled by Gordon Ewart, the Company's Chief Executive Officer. Subsequent to the issuance of shares the parties' ownership percentages will be 49.9%, 10.95% and 7.45% respectively. The shares issued will be subject to a four-month hold period expiring June 18, 2011.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • GDV Resources Inc.
    Mr. Andrew Hilton
    (416) 488-7760