Good Life China Corporation (GLCC)

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Good Life China (GLCC) Update On Private Placement
Date : 06/27/2008 @ 4:45PM
Source : PR Newswire
Stock : (GLCC)
Quote : 0.015 -0.003 (-16.67%) @ 4:27PM
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Good Life China (GLCC) Update On Private Placement





TORONTO, June 27 /PRNewswire-FirstCall/ -- Good Life China Corporation http://www.goodlifechina.com/ (Pink Sheets: GLCC) is providing a further update on the recently announced completion of the private placement. The financing consisted of a non-brokered private placement of 225,000,000 units. Each unit consisted of one common share, and one share purchase warrant entitling the holder to purchase one additional common share at a price of $0.25 for two years following the closing.

The subscription included a block of shares that will be held in escrow pending the completion of the issuers audited statements for the subscribed $10,000,000 placement with a European Fund. The issuer announced the actual sum subscribed of $2,000,000.00 rather than the targeted total of $12,000,000; as $10,000,000.00 placement with a European Fund is still subject to receipt of the audited statements. Obviously should the issuer fail to complete the audited statements or the $10,000,000.00 is not advanced for any reason that block of shares would be returned back to the treasury.

The issuer felt that its previous announcement of the audited statements requirement for the $10 million dollar funding was sufficient advice to the markets. It now appears to the issuer, that some novice investors are being exploited by a couple of organized groups with their own agenda. These New York and New Jersey based organized groups continue to spew false dark propaganda and slander while hiding behind alias, radius servers and other tools generally used to protect their identity, for reasons that are apparent on their face, for the benefit of their short seller employer. The issuer asks these groups to come forward as civilized and mature adults and any legitimate shareholder to freely come forward and identify themselves with any questions at the following help desk link. http://www.minamargroup.com/helpdesk The issuer assures its followers that any legitimate questions from a legitimate shareholder will be answered promptly.

With both Canada Day and USA holidays next week and office closings, the issuer will use this next week time frame as a "time out on news and developments". The issuer sees this as an opportunity for the markets to absorb and digest the great progress the issuer has made to date.

The common shares of the Company are currently dually listed in the USA Pink Sheets (symbol GLCC.PK) and the Frankfurt Stock Exchange (Xe:L9X). The issuer is in good standings with Pink Sheets and ranked as a "Current Information" filer with its security.

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.

CONTACT http://www.minamargroup.com/helpdesk

DATASOURCE: Good Life China Corporation


CONTACT: http://www.minamargroup.com/helpdesk



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