Electra Stone sued over unpaid $500,000 loanhttps://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aELT-2712891&symbol=ELT®ion=C
Electra Stone sued over unpaid $500,000 loan
2019-01-30 10:44 ET - Street Wire
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by Mike Caswell
Electra Stone Ltd. is facing a lawsuit in the Supreme Court of British Columbia from one of its lenders, Jiu Fa Investments Ltd., over an unpaid $500,000 loan. The suit claims that the company has failed to pay the loan as well as 2-1/2 years worth of interest. Jiu Fa is seeking court-ordered payment.
The allegations are contained in a very brief notice of claim that Jiu Fa filed at the Vancouver courthouse on Jan. 25, 2019. The suit explains how Jiu Fa entered into a convertible loan agreement with Electra on April 28, 2015. The deal called for Electra to borrow $500,000. The loan was to mature (or be repayable) on May 14, 2017, and had an interest rate of 12 per cent.
The problem, as set out by Jiu Fa, is that Electra failed to pay the loan on the maturity date or on any date thereafter. The suit further complains that Electra has not paid any interest on the loan since June, 2016. Jiu Fa says that it has demanded repayment, but so far has received nothing.