By Sheri Kasprzak
Atlanta, May 19 - Global Development Resources, Inc. said it has closed a private placement for C$3 million.
The company sold 10 million units at C$0.30 each.
The units include one share and one warrant. The warrants provide for an additional share at C$0.40 each through May 16, 2007.
Insiders of the company subscribed for C$2.3 million of the offering.
In other news, the company, which had been known as ELI Eco Logic Inc., has completed its reorganization and will now be known as Global Development Resources, Inc. The company consolidated its shares on a 5-to-1 basis.
Based in Toronto, Global Development converts hazardous waste into disposable substances.
| Issuer: | Global Development Resources, Inc.
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| Issue: | Units of one share and one warrant
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| Amount: | C$3 million
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| Units: | 10 million |
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| Price: | C$0.30
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| Warrants: | One warrant per unit
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| Warrant expiration: | May 16, 2007
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| Warrant strike price: | C$0.40 |
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| Pricing date: | May 19
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