Global Development Resources, Inc.

July 25, 2005 16:30 ET

Global Development Resources, Inc. Announces Additional Private Placement

TORONTO, ONTARIO--(CCNMatthews - July 25, 2005) - Global Development Resources, Inc. (formerly ELI Eco Logic Inc.) (the "Company")(TSX VENTURE:GDV) announces that it is increasing the amount of a private placement financing which was originally announced on July 15, 2005. The Company is proceeding with a private placement financing of 3,562,500 common shares at $0.49 per common share for total gross proceeds of $1,745,625, which is an increase of 1,250,000 common shares and $612,500 of gross proceeds.

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.

A commission of 7% is payable in cash to K2 Performance Corp. on gross proceeds raised from the private placement.

The proposed financing and commission payout are subject to regulatory approval.

Contact Information

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