By Sheri Kasprzak
Atlanta, April 20 - GGL Diamond Corp. said it will head to the private placement market with a C$1.4 million offering.
The company plans to sell 7,777,778 units at C$0.18 each to The Tell Fund.
The units are comprised of one share and one warrant. The warrants provide for an additional share at C$0.20 each for the first year and C$0.22 each for the second year.
Based in Vancouver, B.C., GGL is a diamond exploration and development company. It plans to use the proceeds for its 2005 exploration program.
| Issuer: | GGL Diamond Corp.
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| Issue: | Units of one share and one warrant
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| Amount: | C$1.4 million
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| Units: | 7,777,778
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| Price: | C$0.18
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| Warrants: | One warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.20 for first year; C$0.22 for second year
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| Investor: | The Tell Fund
|
| Pricing date: | April 19
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| Stock price: | C$0.20 at close April 19
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