Electra Stone Ltd ELCGF

Electra Stone sued over unpaid $500,000 loan

[buystone]

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aELT-2712891&symbol=ELT&region=C

Electra Stone sued over unpaid $500,000 loan

2019-01-30 10:44 ET - Street Wire

Here is a sample of this item:

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.

[labrador6]

When the new CEO and directors agreed to take care of the company (October 13th), they already knew very well this old debt which was overdue. I don't know the deadline periods of claim before to be null and void in B-C (2-3 years) but possibly that the creditor does not wait his claim to become null and void and he had to record a lawsuit in the supreme Court before the deadline. Last year,

[jmowen]

CAn you get blood from a stone? An Electra Stone?