Elray Resources, Inc. announced that it has received $0.10 million in funding from LG Capital Funding, LLC and GEL Properties LLC.
November 11, 2013 at 05:00 am
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Elray Resources, Inc. (OTCPK:ELRA) announced that it has entered into a convertible promissory note agreement for a private placement of two convertible promissory notes in the principal amount of $50,000 each with the new accredited investors LG Capital Funding, LLC and GEL Properties LLC on November 11, 2013. The principal amount from LG Capital Funding, LLC was received and recorded on November 19, 2013 and principal amount from GEL Properties LLC was received and recorded on November 20, 2013. The promissory notes bear a fixed interest rate of 8% per annum and mature on August 11, 2014. The promissory note holders have the right to convert any portion of the principal amount of the note at a 45% discount to the average of the three lowest closing bid price over the last 10 trading days prior to the holder's election to convert. The company issued securities pursuant to exemption provided under Regulation D.
On November 11, 2013, Elray Resources, Inc. closed the transaction.
Elray Resources, Inc. provides turnkey solution for various online e-commerce companies as well as performs strategic marketing and consulting services for companies from all parts of the world. It provides marketing and support for online gaming operations. It is a developer, licensor, and operator of Crypto iGaming Solutions. The Company has developed a highly modular, configurable and scalable Crypto iGaming platform. Its Crypto iGaming solution is comprised of the technology, tools and features that are required to operate and maintain an iGaming operation. Its Crypto iGaming solution has over 30 content providers, presenting players with the latest crypto games, slots, tables, live, sportsbook and competition products. It owns Blockchain/Crypto gaming technology and provides online crypto casinos and crypto gaming technology to online crypto casino operators.