Elray Resources Inc (ELRA)

[jwblue74]

Dilution was happening in December & January but appears to be over as the PPS has increased the past week. The PPS was held down the past couple of months in the .04 - .06 range from the Third JSJ Note & Fifth Asher Note being converted. The next note due is in March from the 10Q below. So, now is the perfect time to release news without dilution holding back the PPS. GLTU

On May 29, 2013, the Company entered into a convertible promissory note with Asher for $32,500 (the "Sixth Asher Note"). The principal was received and recorded on June 5, 2013. The note bears interest at 8% and matures on March 4, 2014. In the event that the note remains unpaid at that date, the Company will pay default interest of 22%. Asher has the right after a period of 180 days to convert the balance outstanding into the Company’s common stock at a rate equal to 45% of the average lowest three closing prices during the ten trading days prior to the conversion date.