Elray Resources, Inc. (OTCPK:ELRA) announced that it has entered into a definitive stock purchase agreement or a private placement of 10,000,000 shares at $0.03 per share for gross proceeds of $300,000 with new investor Longma Holdings Limited on August 8, 2014. The company issued securities pursuant to exemption provided under Regulation D.

On August 8, 2014, Elray Resources, Inc. closed the transaction.