Electra Announces Cancellation of LOI with D&P Advisors
VANCOUVER, BRITISH COLUMBIA - Electra Stone Ltd. (“Electra” or the “Company”) (TSX.V: ELT) (FSE: 44E1) announces that the previously announced Letter of Intent (“LOI”) with D&P Advisors dated June 9, 2016 which included a supply agreement and contemplated joint venture with Electra’s wholly owned subsidiary Vancouver Jade (HK) Ltd., has been cancelled effective immediately.
The Company and D&P had signed a letter of intent and had verbally agreed on the detailed terms of the proposed joint venture. During Electra’s due diligence process and ongoing negotiations, the Company and D&P advisors were unable to reach mutually agreeable terms for a formal agreement.
“The Company will continue to carry out its business plan to export, sell and market British Columbia Nephrite Jade to China and other international markets, while implementing key strategies to grow the BC nephrite jade market in China.” Stated Mr. John Costigan, President and CEO of Electra Stone Ltd.
About Electra Stone
Electra Stone Ltd. is building a vertically integrated public Nephrite Jade mining, trading & marketing company. Electra is focused on international market growth and trade of Nephrite Jade from British Columbia into Asian markets with a specific focus on China. Electra also continues to operate its Apple Bay alumina-silica quarry on Vancouver Island, which has been in continuous operation since 2003.
For further information and sales enquires on Electra Stone Ltd. please visit www.electrastone.com
Or contact: Tyler Lowes at 604-620-8589.
On behalf of the Board of Directors,
President and Director.
Forward Looking Statement
This document contains forward-looking statements. Forward –looking statements in this news release include the successful export sales and marketing of BC nephrite jade in China.. Forward information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Factors which may prevent the forward looking statements from coming to fruition include that we may not agree on terms with future suppliers and/or distributors and we may complete contracts to carry out our announced plans. Even if we do complete contracts, we may not be able to finance our plans, markets may not develop as expected, we may not be able to complete requirements to implement successful strategies toward the sale of nephrite jade in China, and competitors may sell better or less expensive products and take our expected market share. Forward-looking information is provided as of the date hereof and is based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. We assume no responsibility to update, or revise them to reflect new events or circumstances, except as required by law. For a detailed list of risks and uncertainties as it relates to Electra Stone Ltd., please refer to the Company’s 2015 financial statements filed with SEDAR.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.