VANCOUVER, BC / CRWEPRESSRELEASE / August 28, 2015 / Electra Stone Ltd. (“Electra” or the “Company”) (CVE: ELT) (FRA:44E1)is pleased to announce results of the vote by shareholders at its annual and special meeting held on August 27, 2015 in Vancouver, British Columbia, Canada.
Results of Annual and Special Meeting
A total of 20,489,561 Common Shares were represented at the Meeting, representing approximately 35% of the outstanding shares.
Each of the director nominees proposed by management were elected to the Board of Directors:
John Costigan, Darrell Dudley, Kyler Hardy, John Gorham and Wei Zhang.
At the meeting, shareholders also approved the following resolutions:
- Appointment of De Visser Grey LLP, as auditors for the ensuing year and authorizing the directors to fix their remuneration;
- Approval of the 2015 Stock Option Plan; and
- Approval of a resolution for a private placement of $2,000,000 which upon closing will create a new control person through the issuance of 40,000,000 shares and 40,000,000 warrants. In addition the same investor has a convertible note outstanding which will be converted at closing into an additional 9,000,000 shares and 9,000,000 warrants.
The private placement is subject to execution of final agreements and TSX Venture Exchange approval. Upon closing a director appointed by the controlling shareholder will replace one of the existing Electra board members, so that the new control group would have 2 of its nominees on the board of 5 directors. .
About Electra Stone
Electra Stone Ltd. is a mining company concentrating on the development of and exploration for Nephrite Jade and industrial minerals. Electra’s recent entrance into the Jade sector was catalyzed by increased global market pressures towards price and demand for BC Nephrite Jade. Electra also continues to operate its Apple Bay aluminum-silica quarry on Vancouver Island, which has been in continuous operation since 2003.
For further information or interests on BC Jade or Electra Stone please contact:
Tyler Lowes at email@example.com or call 604-681-1568.
On behalf of the Board of Directors
President and Director
This press release contains forward-looking information or forward-looking statements (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “proposed”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Forward looking statements in the news release included but are not limited to that the private placement will be approved; the private placement will close and that changes will occur to the board of directors. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, which include that we may not agree with the investor on final documents, the investor may not provide the funding and the private placement may not obtain TSXV approval. The reader is referred to the Company’s public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company’s profile on SEDAR at http://www.sedar.com.
SOURCE: Electra Stone Ltd.