Electra Closes Placement; Appoints New CFO
Vancouver, British Columbia - Electra Stone Ltd. (TSX Venture: ELT) (“Electra” or the “Company”) announces that it has closed its private placement of 9,135,000 units at $0.04 per unit for total gross proceeds of $365,400. Each unit consists of one common share and one transferable share purchase warrant, with each warrant exercisable into one additional common share at a price of $0.05 per share until January 3, 2018.
All securities issued under the placement are subject to statutory hold periods expiring on May 4, 2017.
Proceeds of the private placement will be used for costs associated with the purchase, shipment, housing, manufacture and sale of Nephrite Jade and finished Nephrite Jade products ($250,000); salaries and fees to related parties ($60,000); and general working capital including regulatory and professional fees ($55,400).
The Company also announces that it has appointed Geoff Balderson as its Chief Financial Officer. Mr. Balderson is the President of Flow Capital Corp. and Harmony Corporate Services Ltd., private business consulting companies located in Vancouver, British Columbia. Mr. Balderson is a senior officer and director of several TSX Venture Exchange listed companies. He was previously an investment advisor at Union Securities and Georgia Pacific Securities Corp. Mr. Balderson holds a Marketing and Sales Management Diploma from the University of British Columbia.
Lucy Zhang has resigned as CFO of the Company and Kyler Hardy has resigned as director of the Company. The Company thanks both Ms. Zhang and Mr. Hardy for their services.
About Electra Stone
Electra Stone Ltd. is building a vertically integrated public Nephrite Jade mining, manufacturing & marketing company. Electra is focused on the development of Architectural and Dimensional jade products along with international market growth and trade of Nephrite Jade from British Columbia into Asian markets with a specific focus on China.
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.
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.