RE:ELT - 11.8 Million sold up .01 - What's going on?Let reaction on nov 17 news?
Vancouver, British Columbia - Electra Stone Ltd. (TSX Venture: ELT) (“Electra”) or (“the Company”) is pleased to announce the formation of a Joint Venture (“JV”) between West Coast Jade (a wholly owned subsidiary of Electra), Quartz Creek Development ltd and Dean Cloutier Luxury Designs (the “JV Partners”). West Coast Jade will change its name to “Vancouver Jade Mining Corp.” Electra Stone and Quartz Creek will each retain a 48.5% equity ownership and Dean Cloutier will own the remaining 3%.
The JV considers certain assets and contributions from each of the partners and combines the valued attributes of each into a vertically integrated platform. The end result will be a platform that provides low-cost, efficient quarrying, modern design and quality manufacturing for the high-end luxury market.
The terms of the JV will have the following considerations and contributions to Vancouver Jade Mining Corp.
- Quartz Creek will contribute all BC nephrite jade property assets into the Vancouver Jade project portfolio
- Quartz Creek will provide all mining and engineering expertise related to the delineation and extraction of nephrite jade from sites in British Columbia and will be the operating contractor of Vancouver Jade Mining Corp.
- Dean Cloutier will market and sell all finished luxury jade products exclusively under the Vancouver Jade brand
Electra will contribute 200,000 kilograms of architectural Nephrite jade and handle administration, distribution and a commitment to fund ongoing operations. All products quarried, manufactured and sold through the JV will be done under the brand name “Vancouver Jade”.
Vancouver Jade 2016 Mine to Market Program Gallery
“We are excited to be working with both Quartz Creek and Dean Cloutier. Quartz Creek’s innovative technical solutions for mining and extracting jade not only secures a long term jade supply and enhances our jade property portfolio it will make dimensional and architectural jade production a reality in British Columbia. Dean Cloutier’s craftsmanship enhances Electra’s goal of building and expanding BC’s jade industry into new untapped m