And there is another 2.5 Mil.
GGL Diamond arranges $1,125,000 private placement
GGL Diamond Corp GGL
Shares issued 65,328,020 Dec 11 close $0.40
Fri 12 Dec 2003 News Release
Mr. Raymond Hrkac reports
GGL ANNOUNCES PRIVATE PLACEMENT FINANCING OF UP TO $1,125,000 GGL Diamond has proposed to raise up to $1,125,000 by way of a non-brokered private placement through the sale of up to 2.5 million flow-through shares at a price of 45 cents per share to close on or about Dec. 30, 2003. This financing is in addition to the company's current cash and short-term investments, which are in excess of $1.3-million plus $1.7-million in options and warrants, which are expected to be exercised prior to mid-July, 2004. With these funds, the company will be well financed to proceed with its planned CH drilling and exploration program, and other attractive opportunities. Exploration work on the diamondiferous Doyle Lake sill and other claims adjacent to the Gahcho Kue project are covered under the GGL/De Beers Canada Exploration joint venture agreement and are fully financed to production by De Beers. The subscription proceeds from the financing will be used for mineral property exploration and renounced as Canadian exploration expense to the subscribers. The private placement is subject to acceptance for filing by the TSX Venture Exchange.
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