Elray Resources Inc (ELRA)

[Long-vestor]

Want the nut shell version? especially court settlement below, plus numbers of past due, defaulted convertibles and newly issued as well, and 4 reverse splits every 6 months. Not to leave out B preferred that now convert at .0000330 common too 1 and C's .0333 for 1.



In less than 2 years 4 reverse splits and they've only beat down: $500k of 2.6 mil.

they'll be doing another reverse split on the 6 month anniversary. [wink]

ten-for-one on May 2, 2014,

thirty-for-one on January 15, 2015,

one hundred-for-one on May 18, 2015 and

one hundred-for-one on November 6, 2015

During the nine months ended September 30 , 201 5 , the Company issued Tarpon 275,357,520 common shares, 157,412,520 of which have been sold. Net proceeds from the sale amounted to $9,584 was not yet allocated among the claim holders. As of September 30, 2015, the Company has settlement payable of $2,165,613


On December 20, 2013, the Company entered into a settlement agreement with Tarpon Bay Partners LLC ("Tarpon") whereby Tarpon acquired certain notes and accounts payable against the Company in the amount of $2,656,214. Pursuant to the agreement, the Company and Tarpon submitted the settlement agreement to the Circuit Court of the Second Judicial Circuit, Leon County, Florida for a hearing on the fairness of the agreement and the exemption from registration under the Securities Act of 1933 for the shares that will be issued to Tarpon for resale ("Settlement Shares"). 75% of the proceeds less all applicable fees and charges from the resale of the Settlement Shares will be remitted to the original claim holders of the Company ("Remittance Amount"). The Company agreed to issue sufficient shares to generate proceeds such that the aggregate Remittance Amount equals $2,656,214. Additionally, the Company agreed to issue a convertible note of $132,000, maturing in 6 months and convertible to the Company's common stock at a 50% of the lowest closing bid price for the 20 days prior to the conversion. The settlement agreement was effective on January 27, 2014 when the court granted approval.