Electra Stone Ltd ELCGF

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VANCOUVER, BC / ACCESSWIRE / May 19, 2016 / 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.