Global Development Resources, Inc.
TSX VENTURE : GDV

September 23, 2005 09:30 ET

Global Development Resources, Inc. Announces Private Placement

TORONTO, ONTARIO--(CCNMatthews - Sept. 23, 2005) - Global Development Resources, Inc. (TSX VENTURE:GDV) (formerly ELI Eco Logic Inc.) (the "Company") announces that it is proceeding with a private placement financing of 2,125,000 common shares at $0.48 per common share for total gross proceeds of $1,020,000.

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.

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

The financing and commission payout are subject to regulatory approval.

Since May 2005, the Company has announced the closure of four private placement financings totaling $6.5 million.

Contact Information

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