Global Development Resources, Inc.
TSX VENTURE : GDV

July 15, 2005 09:30 ET

Global Development Resources, Inc. 'TSX V symbol: GDV' Announces Private Placement

TORONTO, ONTARIO--(CCNMatthews - July 15, 2005) - Global Development Resources, Inc. (formerly ELI Eco Logic Inc.) (the "Company") (TSX VENTURE:GDV) announces that it is proceeding with a private placement financing of 2,312,500 common shares at $0.49 per common share for total gross proceeds of $1,133,125.

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
    CFO
    (416) 488-7760