Global Development Resources, Inc.-Formerly ELI Eco Logic Inc.-Announces Private Placement and Granting of Stock Options.TORONTO -- Global Development Resources, Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:GDV GDV gastric dilatation/volvulus. ) (formerly ELI Eli (ē`lī), in the Bible, high priest and judge of Israel, teacher of the boy Samuel. 1. (language) ELI - An early system on the IBM 705 and IBM 650. [Listed in CACM 2(5):16 (May 1959)]. 2. Eco Logic Inc. (TSX VENTURE:ELI.H)) (the "Company") announces that it is proceeding with a private placement financing of 2,500,000 units at $0.30 per unit for total gross proceeds of $750,000. Each unit will consist of one common share of the Company and one share purchase warrant entitling the holder to acquire one additional common share of the Company at $0.40 for a period of 24 months from the date of issuance. Five individuals who are at arm's length arm's length adj. the description of an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other. with the Company will be subscribing for 1,000,000 units for gross proceeds of $300,000. Two insiders, Kent Smith and Global (GMPC GMPC Green Mountain Power Corporation GMPC Group Management Policy Console (Microsoft) GMPC Gateway Mobile Positioning Centre (telecommunications) GMPC Governing Program Management Council ) Holdings Inc. will be subscribing for 1,000,000 units and 500,000 units respectively, for gross proceeds of $450,000. 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, warrants and any additional common shares issued pursuant to the exercise of the warrants will be subject to a four (4) month hold period. A commission of 7% is payable in cash to Lucas Ewart on gross proceeds raised from the private placement with the arm's length subscribers. The proposed financing and commission payout are subject to regulatory approval. The Company also announces that under the Company's Stock Option Plan (the "Plan") it granted on May 20, 2005 to Directors and Officers of the Company incentive stock options to purchase an aggregate of 1,300,000 common shares of the Company at the exercise price of $0.30 per share expiring on May 20, 2010. These incentive stock options are subject to TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. acceptance. The number of Shares reserved for issuance under the Plan is 1,300,000 of which 1,300,000 have been granted under the Plan. Global Development Resources, Inc. (TSX VENTURE:GDV) |
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