Electra Announces Closing of a Non-Brokered Private Placement
Vancouver, British Columbia - Electra Stone Ltd. (TSX Venture: ELT) (FSE:44E1) (the “Company” or “Electra”) is pleased to announce that the non-brokered private placement as reported in a news release dated December 31st, 2015 has been Closed. The Company has closed the private placement of 6,036,868 Units at $0.083 per unit for gross proceeds of $501,060.
Each Unit consists of one common share of the Company and one common share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one common warrant share of the Company at a price of $0.20 per share for a period of 24 months following the date of closing.
All of the securities issued under the private placement will be subject to a four month hold period from closing.
The Company paid cash finders’ fees totaling $8,763.80 in connection with the private placement and issued broker warrants exercisable into a total of 105,600 common shares in the capital of the Company for a period of 24 months from the closing date at an exercise price of $0.20 per share
Of the 6,036,868 common shares issued 500,000 have been issued to Zimtu Capital Corp an insider of Electra.
The proceeds of this private placement are for the Company’s operations, Nephrite project developments and general corporate purposes.
John Costigan, President and CEO commented “I believe that the popularity of this financing demonstrates the strength of Electra’s offering in these difficult markets.”
About Electra Stone
Electra Stone Ltd. is a mining company specializing in the development of and exploration for Nephrite Jade and industrial minerals. The Company is in the process of mining the Apple Bay aluminum silicate quarry located on Vancouver Island near Port Hardy, British Columbia. Electra has also recently entered into Nephrite Jade exploration in British Columbia. Total sales and price of B.C. Nephrite Jade have reportedly increased significantly over the past several years according to private producers. Increased interest in Nephrite Jade in South-East Asian countries, specifically China is the primary reason for the rise in demand.
For further information on Electra Stone Ltd. please visit www.electrastone.com
Or contact: Tyler Lowes 604-681-1568.
On behalf of the Board of Directors,
President and Director.
Forward Looking Statement
This document may contain or refer to forward-looking information 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. Forward –looking statements in this news release include completion of a financing and the issuance of securities. 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 we assume no responsibility to update, or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties as it relates to Electra Stone Ltd., please refer to the Company’s Annual Financials filed with SEDAR.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.