Electra Completes First Tranche of Private Placement
Vancouver, British Columbia - Electra Stone Ltd. (TSX Venture: ELT) (“Electra”) announced today the closing of the first tranche of the non-brokered private placement financing announced on May 19, 2016 (the “Offering”). Tranche one of the Offering consisted of the sale of 4,332,882 shares at $0.085 for gross proceeds of $368,295. All securities issued pursuant to Offering are subject to a hold period under applicable Canadian securities laws, which will expire four months plus one day from the date of closing of the Private Placement.
The net proceeds from the Offering will be used for general working capital purposes.
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.
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.