GeoGlobal Announces Sale of Shares in ILDE; Net Proceeds $1.4M
GeoGlobal Resources Inc. (NYSE: GGR) today announced that it has sold 8,500,000 shares acquired in the Securities Purchase and Exchange Agreement (the "Agreement") by and between the Company and The Israel Land Development Company - Energy Ltd. ("ILDE"), dated as of November 21, 2011. GeoGlobal sold the shares of ILDE through two Israeli investment houses, on an off market basis, at a 12% discount to market due to the shares being restricted until the end of August 2012. Net proceeds to GeoGlobal from the sale of the shares are approximately US$1.4 million.
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