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Gold/Mining/Energy : Gerle Gold - GGL -- Ignore unavailable to you. Want to Upgrade?

To: kidl who wrote (614)	2/5/2003 5:54:24 PM
From: kidl	Read Replies (1) \| Respond to of 641

GGL closes $1-million financing GGL Diamond Corp GGL Shares issued 43,722,510 Feb 5 close $0.21 Wed 5 Feb 2003 News Release Mr. Raymond Hrkac reports GGL CLOSES FINANCING GGL has closed a private placement to raise gross proceeds of $1-million by way of the placement of five million common shares at 20 cents per share. These shares have a four-month hold period until June 5, 2003. In connection with the financing, GGL has paid a cash finder's fee of 8 per cent of the gross subscription proceeds. GGL will use the net subscription proceeds for exploration on its 100 per cent owned and advanced diamond exploration projects and for corporate and administrative purposes. Soroof International, of Al Jaffali Tower, 5th Floor, Damman Khobar, Highway CR, Saudi Arabia, acquired beneficial ownership of, and control over, five million common shares of GGL through the private placement. As a result, it now beneficially owns and exercises control or direction over a total of 7.7 million common shares of GGL, being 13.42 per cent. In the event of the exercise of 1.2 million warrants previously acquired by Soroof, it would own 15.18 per cent of the issued capital of GGL. No persons acted jointly or in concert in making the acquisitions of the GGL securities and the acquisitions were made for investment purposes only. Soroof International and GGL have entered into a voting agreement under which they have agreed to the appointment of one nominee of Soroof International to the board of directors of GGL and, as long as Soroof International owns at least seven million common shares of GGL, they have agreed that for a term of three years GGL will nominate and support for election a nominee of Soroof International to the board of directors of GGL and Soroof International will support management's slate for the election of directors, at any general meeting at which directors are to be elected. (c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com