Global Development Resources, Inc.

Global (GMPC) Holdings Inc.

Global (GMPC) Holdings Inc.

June 28, 2005 16:30 ET

Global Development Resources, Inc. 'TSX V Symbol: GDV' Announces Completion of Private Placement

TORONTO, ONTARIO--(CCNMatthews - June 28, 2005) - Global Development Resources, Inc. (TSX VENTURE:GDV)(formerly ELI Eco Logic Inc.) (the "Company") today announced the completion of its private placement which was previously announced on May 20, 2005.

The Company has issued 2,500,000 units at $0.30 per unit for gross proceeds of $750,000. Each unit consists of one common share and one common share purchase warrant entitling the holder to purchase one common share of the Company at a price of $0.40 until June 27, 2007. Insiders subscribed to 1,500,000 units for gross proceeds of $450,000. In connection with the $300,000 raised from non-insiders, a cash fee of 7% or $21,000 was paid to Lucas Ewart.

Kent Smith, the C.E.O. of the Company, owns 27.2% of the outstanding common shares of the Company and 33.19% on a fully diluted basis. Global (GMPC) Holdings Inc. (TSX V:GGH.SV.B)owns 22.0% of the outstanding common shares of the Company and 20.2% on a fully diluted basis.

Contact Information

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