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| FORM 5 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[_] Check box if
no longer subject ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b). Section 30(f) of the Investment Company Act of 1940
[_] Form 3 Holdings Reported
[_] Form 4 Transactions Reported
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1. Name and Address of Reporting Person
McCulloch Mervyn
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(Last) (First) (Middle)
836 Prospect Street, Suite 2B
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(Street)
La Jolla CA 92037
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol Global Diamond Resources, Inc.
(GDRS)
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3. IRS or Social Security Number of Reporting Person (Voluntary) 000-00-0000
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4. Statement for Month/Year Fiscal Year ended 12/31/97
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer (Check all applicable)
[ ] Director [X] Officer [ ] 10% Owner [ ] Other
(give title below) (specify below)
CFO
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TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
<TABLE>
<CAPTION>
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1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) action action or Disposed of (D) Securities ship of In-
Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Month/ (Instr. 8) Owned at Direct Bene-
Day/ End of (D) or ficial
Year) Issuer's Indirect Owner-
(A) or Fiscal Year (I) ship
Amount (D) Price (Instr. 3 and 4) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
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$.0005 par value
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Common Stock 92,000 D
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</TABLE>
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<TABLE>
<CAPTION>
<S> <C> <C>
$.0005 par value
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Common Stock 4,400 By Spouse
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$.0005 par value
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Common Stock 49,100 By McCulloch
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Family Trust
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Print or Type Responses)
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FORM 5 (continued)
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Securities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3, 4, and 5)
ative Year)
Security
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(A) (D)
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<S> <C> <C> <C> <C> <C>
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Stock Options $.75 10/10/97 A 100,000
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Stock Options $.75 11/26/97 A 600,000
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Stock Options $.75 10/2/96 A 500,000
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</TABLE>
TABLE II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(e.g., puts, calls, warrants, options, convertible securities)--CONTINUED
<TABLE>
<CAPTION>
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1. Title of Derivative 6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
Security (Instr. 3) cisable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deriv- ative of De- of In-
Date ative Secur- rivative direct
(Month/Day/ Secur- ities Secu- Bene-
Year) ity Bene- rity: ficial
(Instr. ficially Direct Owner-
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Date Expira- Amount or at End Indi- (Instr.
Exer- tion Title Number of of Year rect (1) 4)
cisable Date Shares (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
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Stock Options 10/10/97 12/31/2000 Common Stock 100,000 $.75 100,000 D
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Stock Options 11/26/97 11/26/02 Common Stock 600,000 $.75 600,000 D
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Stock Options 10/2/96 10/2/01 Common Stock 500,000 $.75 500,000 D
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</TABLE>
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Explanation of Responses:
**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
/s/ Mervyn McCulloch 7/30/98
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**Signature of Reporting Person Date
