VANCOUVER, July 10, 2012 /CNW/ - Stone Resources Limited (TSX-V: SRH) ("Stone Resources" or the "Company") advises that a news release was issued by its subsidiary, Stone Resources Australia Limited ("Stone Resources Australia"), to the Australia Securities Exchange on July 10, 2012 entitled "CONVERTIBLE LOAN AGREEMENT" announcing that Stone Resources Australia has entered into a $1.5 million secured convertible loan agreement with Easy Prestige Limited. A copy of that news release is attached.
The Company advises that at the current conversion price, if Easy Prestige Limited exercises the convertible note in full, it is unlikely that it will have the effect of diluting the Company below a controlling interest in Stone Resources Australia and therefore it is not expected to impact the ability of the Company to exercise control over Stone Resources Australia.
On behalf of the Board,
About Stone Resources Limited
Stone Resources Limited is a company incorporated in Bermuda and listed on the TSX Venture Exchange in Canada. The Company is involved with mineral resources exploration and development. Stone Resources plans to expand and develop its business using its effective team of experts in exploration, geology, metallurgy, mine engineering, law and finance.
Cautionary Statement on Forward-Looking Statements
The information in this document contains certain forward-looking statements with respect to activities of the Company, based on assumptions about future courses of action, including with respect to the conversion of the convertible notes and the Company's business objectives. Although management has a reasonable basis for the conclusions drawn, risk factors and uncertainties may cause actual results to differ materially from those currently anticipated in such statements. These risks and uncertainties relate to such factors as the conversion price of the convertible notes and the ability of the Company to proceed with its business objectives. In view of these uncertainties we caution readers not to place undue reliance on these forward-looking statements. Statements made in this document are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any statements made herein, except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Vice-President and Corporate Secretary
+1 (604) 303-9070