Electra Enters into Cooperative Manufacturing Agreement
Vancouver, British Columbia - Electra Stone Ltd. (TSX Venture: ELT) (“Electra”) or (“the Company”) is pleased to announce that the Company has amended its joint venture agreement with Quartz Creek Developments Ltd. (“QCD”) announced November 17th 2016. Electra will supply raw jade and QCD will manufacture, market and sell finished jade products, profits will be split 50/50.
The amendment to the joint venture will result in 100% ownership of Vancouver Jade Mining Inc being sold to QCD for a consideration of $185,000 in cash from 50% of QCD jade sale profits and a continuous 15% royalty for Electra on all profits moving forward. The above considerations apply only to jade sales associated with raw nephrite material supplied by Electra. For more information on Vancouver Jade please visit www.vancouverjade.com
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, Vancouver jades ability to convert raw jade into a marketable product and successfully derive a profit. 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.
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.