Vancouver, British Columbia - Electra Stone Ltd. (TSX Venture: ELT) (“Electra”) is pleased to announce that is has arranged for a non-brokered private placement (the “Private Placement”) of approximately 6,000,000 units (the “Units”) at a subscription price of $0.083 per Unit for gross proceeds of up to $500,000.
Each Unit will consist of one common share and one share purchase warrant.Each warrant will be exercisable into one additional common share (the “Warrant Share”) of the Company at $0.20 per Warrant Share for a period of two years from closing of the Private Placement.