Electra Closes Sale of Rights to PEM 100 Quarry
Vancouver, British Columbia - Electra Stone Ltd. (TSX Venture: ELT) (“Electra”) is pleased to announce that on March 1, 2017 it closed its purchase agreement (“the Agreement”) with the Linceo Media Group (“LMG”). Under the terms of the Agreement, the consideration received by Electra included:
- Cash payment of $50,000.00;
- 49,000 common shares in the capital of LMG (the “LMG Shares”); and
- Cash consideration of $117,894.23 to be used for the payment of debts owed by Electra.
As further consideration for the purchase, LMG has agreed to purchase a new reclamation bond by the end of April 2017, which should return the original reclamation bond to Electra.
The sale has brought capital to Electra to eliminate a significant amount of debt. Electra’s focus will now be on new production and manufacturing opportunities.
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.
On behalf of the Board of Directors,
President and Director
Forward Looking Statement
The information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Electra cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Electra’s control. Such factors include, among other things: risks and uncertainties relating to Electra’s limited operating history, Electra’s ability to produce and sell jade and jade based products, the need to comply with environmental and governmental regulations, Electra’s ability to fully recover its previously paid reclamation bond and the performance of LMG’s obligations under the Agreement. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Electra undertakes no obligation to update or revise forward-looking information publicly. For a detailed list of risks and uncertainties as it relates to Electra Stone Ltd., please refer to the risks and uncertainties listed in Electra’s MD&A filings for its fiscal year end filed on SEDAR.
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