Consolidated Global Diamond Corp. - Private Placements

TSX-V Symbol: CK

VANCOUVER, June 8 /CNW/ - Consolidated Global Diamond Corp. (the
"Company") wishes to announce that the Company has entered into a private
placement for the sale of 30,000,000 units at a price of $0.15 per unit for a
total of $4,500,000. Each unit consists of 1 common share and                
1 non-transferable share purchase warrant for the purchase of 1 further common
share of the Company, having an exercise price of $0.20 for the first year and
$0.25 at any time after the first year until the expiry of such share purchase
warrants. The share purchase warrants shall have a term of the lesser of
(i) two years from the date of issuance of the share purchase warrant or
(ii) the period ending on the 10th business day following 20 consecutive days
(individually, a "Consecutive Day") that the market price of the shares as
traded on the TSX Venture Exchange has closed equal to or greater than
$0.45 per share. The funds shall be used for the Company's general working
capital and the Company's continuing exploration. The maximum allowable
finder's fee shall be payable.
These transactions are subject to regulatory approval.


On Behalf of the Board of Directors
Consolidated Global Diamond Corp.


"Simon Tam"
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Simon Tam
Vice-president


THE TSX VENTURE EXCHANGE HAS NEITHER APPROVED OR DISAPPROVED OF THE
CONTENTS HEREIN.