Elray Resources Inc (ELRA)

[jimbojones]

They have 40$ in assets? good luck with this junk.

On February 23, 2011, the Company entered into an agreement to acquire 100% of the Share capital of Splitrock Ventures (BVI) Limited (“Splitrock”) in exchange for 592,454,728 Shares. These shares were issued as of February 23, 2011, but are being held in trust until the closing of the acquisition and were considered issued but not outstanding at September 30, 2011. The agreement to acquire Splitrock was scheduled to close on July 29, 2011. The anticipated acquisition of Splitrock has been delayed due to a restructure and an amended agreement is currently being finalized. It is anticipated that the new amended agreement will be only the acquisition of certain assets of Splitrock. It is expected to be executed within 45 days from the filing date of this Form 10-Q.