Global Development Resources, Inc.

December 18, 2006 16:30 ET

Global Development Resources, Inc. Announces Intention to Make a Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - Dec. 18, 2006) - Global Development Resources, Inc. (TSX VENTURE:GDV.U) ("Global") announces that it has been authorized to make a normal course issuer bid. Global intends to purchase from time to time, if and to the extent Global considers advisable, up to a maximum 1,546,964 common shares out of the total 30,939,282 issued and outstanding on December 20, 2006. The number of shares proposed to be acquired represents approximately 5% of the total number of the issued and outstanding common shares. The bid will commence on December 20, 2006 and end on December 19, 2007.

The shares will be purchased in the open market through the facilities of the TSX Venture Exchange. The purchased shares are to be cancelled. All purchases are to be settled in accordance with normal settlement procedures of the TSX Venture Exchange. Purchases pursuant to the bid will be made by MacDougall MacDougall MacTier Inc. on behalf of Global. Global believes that recent market prices of its common shares do not properly reflect their underlying value and the cancellation of these shares are in the best interest of Global and its shareholders.

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

Contact Information

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