Press Release and Early Warning Report Pursuant to National Instrument 62-103 Section 111 of the Securities Act (British Columbia) Section 176 of the Securities Act (Alberta)



    TORONTO, Oct. 23 /CNW/ -

    
    1.  Name and address of the offeror:

        ABDULAZIZ ALI ALTURKI
        P.O. BOX 1498, AL KHOBAR 31952
        SAUDI ARABIA

    2.  Designation and number or principal amount of securities and the
        offerors's securityholding percentage in the class of securities of
        which the offeror acquired ownership or control in the transaction or
        occurrence giving rise to the obligation to file the news release,
        and whether it was ownership or control that was acquired in the
        those circumstances:

        On July 27, 2007, Sheikh Abdulaziz Ali Alturki ("Sheikh Abdulaziz")
        exercised non-transferable share purchase warrants (the "Warrants"),
        each exercisable for one common share (the "Shares") of GGL Diamond
        Corp. ("GGL"), to acquire 1,666,666 Shares of GGL at a price of
        $0.22 per Share. On September 28, 2007, Sheikh Abdulaziz exercised
        Warrants to acquire 1,538,461 Shares of GGL at a price of $0.26 per
        Share. Sheikh Abdulaziz acquired approximately 1.39% and 1.27%,
        respectively, of the issued and outstanding Shares in connection with
        the exercise of these Warrants.

    3.  Designation and number or principal amount of securities and the
        offerors's securityholding percentage in the class of securities
        immediately after the transaction or occurrence giving rise to the
        obligation to file the news release:

        Upon completion of the transactions described in paragraph 2 above,
        Sheikh Abdulaziz now owns, together with his holding company Rawabi
        Holding Company, 13,401,148 Shares (or approximately 11.0% of the
        issued and outstanding Shares) and 5,172,727 Warrants. If Sheikh
        Abdulaziz were to exercise all of his outstanding Warrants, he would
        own approximately 15.27% of the issued and outstanding Shares.

    4.  Designation and number or principal amount of securities and the
        percentage of outstanding securities of the class of securities
        referred to in paragraph No.3 over which

        (a)   the offeror, either alone or together with any joint actors,
              has ownership and control:

        Sheikh Abdulaziz now owns, together with his holding company Rawabi
        Holding Company, 13,401,148 Shares (or approximately 11.0% of the
        issued and outstanding Shares) and 5,172,727 Warrants. If Sheikh
        Abdulaziz were to exercise all of his outstanding Warrants, he would
        own approximately 15.27% of the issued and outstanding Shares.

        (b)   the offeror, either alone or together with any joint actors,
              has ownership but control is held by other persons or companies
              other than the offeror or any joint actor:

        Not applicable

        (c)   the offeror, either alone or together with any joint actors,
              has exclusive or shared control but does not have ownership:

        Not applicable

    5.  Name of the market where the transaction or occurrence that gave rise
        to the news release took place:

        Not applicable

    6.  Purpose of the offeror and any joint actors in effecting the
        transaction or occurrence that gave rise to the news release,
        including any future intention to acquire ownership of, or control
        over, additional securities of the reporting issuer:

        Sheikh Abdulaziz acquired the Shares for investment purposes only.

    7.  The general nature and the material terms of any agreement, other
        than lending arrangements, with respect to securities of the
        reporting issuer entered into by the offeror, or any joint actor, and
        the issuer of the securities or any other entity in connection with
        the transaction or occurrence giving rise to the news release,
        including agreements with respect to the acquisition, holding,
        disposition or voting of any of the securities:

        The Shares were acquired through the exercise of Warrants, dated July
        27, 2005 to acquire 1,666,666 Shares at $0.22 per Share and September
        28, 2005 to acquire 1,538,461 Shares at $0.26 per Share,
        respectively. Under the terms and conditions of the Warrants, any
        Shares issued on the exercise of the Warrants held by Sheikh
        Abdulaziz, were subject to a four month hold period in accordance
        with Canadian securities legislation and the rules of the TSX Venture
        Exchange.

    8.  Names of any joint actors in connection with the disclosure in this
        news release and report of acquisition:

        Not applicable.

    9.  The nature and value of the consideration paid by the offeror:

        The Shares purchased on July 27, 2007 were acquired for aggregate
        consideration of $366,666.52 or $0.22 per Share. The Shares purchased
        on September 28, 2007 were acquired for aggregate consideration of
        $399,999.86 or $0.26 per Share.

    10. Description of any change in any material fact set out in a previous
        report filed in connection with the subject securities:

        Not applicable.
    





For further information:

For further information: 

Organization Profile

ABDULAZIZ ALI ALTURKI

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890