Electra Announces Shares for Debt Settlement
Vancouver, British Columbia - Electra Stone Ltd. (TSX Venture: ELT) (“Electra”) has entered into a Shares for Debt Agreement (the “Settlement Agreement”) with certain creditors whereby Electra will issue common shares of the company at a deemed price of $0.095 per share in full and final settlement of the amounts owing. Pursuant to the Settlement Agreement, $79,293 in debt will be settled by issue of a total of 834,660 shares of Electra.
Issuance of the shares will not result in a change of control of the Company.
The Shares for Debt Settlement is subject to the approval of the TSX Venture Exchange and all shares issued will be subject to a four-month hold period from the settlement date.
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 news release contains forward-looking information relating to the Company’s growth and corporate strategy, and other statements that are not historical facts. Forward-looking information relates to management’s future outlook and anticipated events or results, and include statements regarding the Shares for Debt Settlement; and the future plans or prospects of the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may prevent these statements from being realized include that we may not obtain TSX approval for the Shares for Debt; and we may not be successful in building our jade business; markets may not accept our products and competitors may offer better or cheaper products than us.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements.
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.