Electra Announces $750,000 Non Brokered Private Placement
28.05.2015 | Accesswire
VANCOUVER, BC / ACCESSWIRE / May 28, 2015 / Electra Stone Ltd. (TSX Venture: ELT) ("Electra") is pleased to announce that the Company has arranged for a non-brokered private placement (the "Private Placement") of 9,375,000 units (the "Units") at a subscription price of $0.08 per Unit to an individual subscriber for gross proceeds of up to $750,000.Each Unit will consist of one common share and one share purchase warrant. Each warrant being exercisable into one additional common share (the "Warrant Share") of the Company at $0.15 per Warrant Share for a period of two years from closing of the Private Placement.
The common shares issued or issuable pursuant to the Private Placement will be restricted from trading for a four month hold period in accordance with applicable securities laws and policies of the TSX Venture Exchange (the "Exchange"). Completion of the Private Placement is subject to receipt of all regulatory approvals.
Finders fees are payable in connection with the private placement of 8% in cash and 8% finders share purchase warrants. The finders share purchase warrants are exercisable at $0.15 per share for a period of two years from closing.
The non-brokered private placement and finder's fees payable are subject to approval of the TSX Venture Exchange.
The net proceeds of the Private Placement will be used to advance the Company's operations and for general and corporate purposes.
About Electra Stone
Electra Stone Ltd. (the "Company") (formerly Electra Gold Ltd.) is a mining company, specializing in the development of and exploration for industrial minerals and dimensional stone. The Company is in the process of mining the Apple Bay mineral properties located on Vancouver Island near Port Hardy, British Columbia. The mineral claims are located on crown land within the traditional territory of Quatsino First Nation Band. The Company has also recently entered into the dimensional stone sector with a current focus on Nephrite Jade exploration in British Columbia. The Company currently trades on the TSX Venture Exchange under the symbol ELT.
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,
"John Costigan"
President and Director
Forward Looking Statement: This document contains forward-looking statements. Forward-looking statements in this news release include completion of a financing, use of proceeds and payment of finder's fees. Forward information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Factors which may prevent the forward looking statements from coming to fruition include that we may not agree on terms with the investor and we may receive not regulatory or shareholder approval. 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 2014 Annual Financials 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.