Elray Resources, Inc. (OTCPK:ELRA) acquired an additional 23% stake in Portspot Consultants Limited from Universal Development Enterprises NV on January 7, 2015. As a part of consideration, Elray will issue preferred series C stock with a 24 month restriction on conversion. Post acquisition, Elray will hold 48% stake in Portspot Consultants Limited. Golden Galaxy Casino has generated turnover of over $8.7 million in year 2014. The acquisition will be concluded on pre-defined profit benchmarks set for the operational Online Casino.

Elray Resources, Inc. (OTCPK:ELRA) completed the acquisition of an additional 23% stake in Portspot Consultants Limited from Universal Development Enterprises NV on January 7, 2015.