Vancouver, British Columbia - Electra Stone Ltd. (TSX Venture: ELT) ('Electra') announced today that it has signed a Letter of Intent ('LOI') with D&P Advisors of Kuala Lumpur ('DP'), West Malaysia in order to form a Joint Venture company that will market and sell jade products through a direct sales strategy and a global online management platform. Under the terms of the proposed Joint Venture, Electra Stone will be the exclusive provider of jade, and other precious stones and or minerals. A formal agreement is expected to be concluded after all necessary due diligence is completed by Electra.
In addition, the Company announces a non-brokered private placement (the 'Private Placement') of approximately 14,117,650 common shares at a subscription price of $0.085 per share for gross proceeds of up to $1,200,000.00 CAD.
The common shares issued 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 approval of the Exchange. Finder's fees may be payable in connection with the private placement.
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. 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.
About D&P Advisors
D&P Advisors has decades of experience developing internet based sales and marketing platforms for the Asian and Arabian consumer markets. The multi-platform system intends to be delivered across multiple countries in multiple languages including; English, Chinese, Spanish and Arabic.
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,
'John Costigan'
President and Director.
Forward Looking Statement
This document contains forward-looking statements. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the ability of the company to market and sell jade through a direct sales strategy and global online management platform and the completion of a formal agreement and joint venture with D&P Advisors. 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, failure or delay to receive proper regulatory approvals, failure to agree on terms with DP and complete contracts to carry out our announced plans. Even if the contracts are completed, the Company may not be able to secure required financing, markets may not develop as expected, and the Company may not be able to complete requirements to establish a joint venture with DP, and competitors may sell better or less expensive products and take the targeted market share. 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 2015 financial statements 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.