September 29, 2009 (FinancialWire) — Global Development Resources, Inc. (TSX Venture: GDV.U) has received an offer from a group of shareholders led by GDR CEO, Kent Smith, to purchase from GDR all of the outstanding shares of Global Development Resources, Inc. (GDR USA).

GDR USA, GDR’s wholly-owned subsidiary, holds substantially all of the assets of GDR. The Purchasing Group owns 20,451,419 common shares of GDR which is 66% of the outstanding common shares of GDR. The purchase price for GDR USA is a nominal amount which will be payable by the cancellation of the 20,451,419 common shares owned by the Purchasing Group.

In August, 2008, the Purchasing Group were members of a larger purchasing group that made an offer to purchase the assets of GDR USA for the cancellation of 25,000,000 common shares of GDR, $200,000 cash and an 18-month promissory note in the amount of $1,666,235. The larger purchasing group did not proceed with the August 2008 offer due to the market conditions within the U.S. and the U.S. real estate sector. Upon completion of the transaction contemplated by the Offer, GDR’s outstanding share capital will be reduced to 10,769,387 common shares and GDR will have a nominal amount of assets.

An annual and special meeting of the shareholders of GDR has been set for October 22, 2008 to seek approval for the Offer.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.