Electra Announces Conversion of Convertible Loan
Vancouver, British Columbia - Electra Stone Ltd. (TSX Venture: ELT) (“Electra”) announced today that Costigan Capital Corporation (a company controlled by John Costigan, President & CEO of Electra) has applied to convert the principal amount of a $350,000 convertible loan (refer news release dated May 4, 2015) Electra at $0.05 per unit. Accordingly, Electra has issued 7,000,000 units comprised of one common share and one warrant, with each warrant being exercisable to purchase one share any time during the 24 month period from closing date. These warrants contain restrictive language to prohibit exercise if the percentage held would be more than 19.9%.
The company also announces that Mr. David (Wei) Zhang has resigned as director of the company. The board of directors thanks Mr. Zhang for his contribution to Electra during his tenure of office.
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 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 completion of a financing and use of proceeds. 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 LYG 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 establish a manufacturing hub 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 2014 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.