Electra Completes Shares for Debt Settlement
Vancouver, British Columbia - Electra Stone Ltd. (TSX Venture: ELT) has completed its share for debt settlement with various creditors as previously announced on April 8, 2016. The Company has issued 834,660 common shares (the “Common Shares”) at a deemed price of $0.095 per Common Share and has extinguished $79,292.72 in debt owed to the creditors. As a result, the Company currently has 65,931,991 common shares issued and outstanding.
The Common Shares are subject to a statutory hold period of four months and one day which expires on August 21, 2015.
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. Forward looking statements in this news release include that we are building a vertically integrated public Nephrite Jade mining, trading & marketing company, and that we will continue to operate our quarry. Factors that may prevent these statements from being realized include that 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; in addition, we may not be able to agree with customers on pricing for our quarry product and we may not agree with parties with rights on the quarry as to payments to them.
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.