Raymond A. Hrkac, President and CEO of GGL Diamond Corp. (TSX VENTURE:GGL) is
pleased to announce the appointment of Mr. Wayne Spilsbury to the board of
directors. Mr. Spilsbury received his B.Sc. (Honors Geology) in 1973 from the
University of British Columbia and his M. Sc. (Honors Geology) in 1982 from
Queens University in Ontario. He brings over 35 years experience in mineral
exploration and management, including 28 years with Teck Cominco Limited and was
their former General Manager, Exploration - Asia Pacific. Wayne has worked
throughout Western Canada, the United States, Asia and Australia; he is a Member
of the Association of Professional Engineers and Geoscientists of British
Columbia and a Fellow of Australasian Institute of Mining and Metallurgy.


Returning directors are Graham Eacott, Nick DeMare, Raymond A. Hrkac and William
Meyer. William Boden has stepped down from the board of directors to enable him
to concentrate on other companies of which he is a founder. The Company thanks
him for his most valuable contributions and we wish him well.


Based on the recommendation of the Board's Compensation Committee, the directors
approved the granting of 4,475,000 options at an exercise price of $0.10 per
share exercisable until August 19, 2014. The options were granted to directors,
officers, consultants and employees of the Company.


Shareholders voted in favor of the name change to GGL Resources Corp., the
appointment of D+H Group LLP as auditors of the Company for the ensuing year,
and approved the annual ratification of the Company's 10% rolling stock option
plan.


Private Placement

GGL has had an initial closing of its non-brokered private placement originally
announced on July 17, 2009. A combination of flow-through units at a price of
$0.06, (changed from $0.08), per unit and non-flow-through units at a price of
$0.06 per unit will be sold. Each flow-through unit will consist of one
flow-through common share and one half of one non-transferable non flow-through
warrant. Each whole warrant will entitle the holder to purchase one non
flow-through common share for one year from the closing date at $0.10 per share.


In the initial closing 1,776,000 non flow-through units at $0.06 per unit were
placed for gross proceeds of $106,560. Each non flow-through unit consists of
one non flow-through common share and one half of one non-transferable common
share purchase warrant. Each whole warrant will entitle the holder to purchase
one non flow-through common share until August 20, 2012 at $0.10 per share in
the first year, $0.20 per share in the second year and $0.30 per share in the
third year. The securities have a hold period until December 21, 2009.


If GGL's common shares trade on the TSX Venture Exchange at a closing price
greater than $0.50 per share for twenty consecutive trading days at any time
after four months and one day from the closing date, GGL may accelerate the
expiry of the warrants by giving notice to the holders thereof, and in such case
the warrants will expire on the 30th day after the date on which such notice is
given. GGL may pay a finder's fee to eligible finders of purchasers of units.
Such fees will be paid in non flow-through common shares.


The proceeds from the sale of the units will be used for exploration work on the
PGB gold areas and the McConnell property, and for general corporate purposes.
The proceeds from the sale of the flow-through shares will be used to incur
Canadian Exploration Expense ("CEE"), as defined in the Income Tax Act (Canada).
GGL will renounce such CEE to the subscribers effective for the 2009 tax year.
Future closings of the private placement are subject to acceptance for filing by
the TSX Venture Exchange. The private placement is open until September 9, 2009.


GGL DIAMOND CORP.

Raymond A. Hrkac, President & CEO

This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered in the United States Securities Act of 1933, as
amended (the "US Securities Act") or any state securities laws and may not be
offered or sold within the United States or to US Persons unless registered
under the US Securities Act and applicable securities laws or an exemption from
such registration is available.


GGL Resources (TSXV:GGL)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024 Plus de graphiques de la Bourse GGL Resources
GGL Resources (TSXV:GGL)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024 Plus de graphiques de la Bourse GGL Resources