GREY:ELCGF - Post by User
Post by
Scotty2112on Oct 06, 2016 3:05pm
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Post# 25318854
this is going up real soon with this news
this is going up real soon with this news
Electra Stone (TSXv:ELT) Announces Formation of Jade Subsidiary
04 Oct 2016 13:00 ET
ACCESSWIRE
VANCOUVER, BC / ACCESSWIRE / October 4, 2016 / Electra Stone Ltd. (TSX Venture: ELT) ("Electra") or ("the Company") is pleased to announce the formation of its wholly-owned subsidiary West Coast Jade Inc. ("WCJ"). WCJ will pursue marketing opportunities for BC jade and BC jade products in North American and Asian markets. As announced by the Company on August 25, 2016, Electra has negotiated an agreement through which it will be able to purchase up to 540,000 kilograms of carving and industrial grade jade from Quartz Creek Developments Ltd.
"All jade products sold by Electra will be marketed under the brand name "Vancouver Jade," Vancouver is a city we are proud of and a name that resonates with our Asian customer base," explained John Costigan, President and CEO of Electra.
The Company would also like to announce that it has arranged for a non-brokered private placement (the "Private Placement") of up to 20,000,000 units (the "Units") at a subscription price of $0.05 per Unit for gross proceeds of up to $1,000,000. Each Unit will consist of one common share and one full share purchase warrant. Each warrant will be exercisable into one additional common share (the "Warrant Share") of the Company at $0.075 per Warrant Share for a period of one year 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 a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Exchange.
Finders 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 jade operations and for general and corporate purposes.