Elray Resources Inc. (OTCPK:ELRA) signed an agreement to acquire 25% stake in Portspot Consultants, Ltd from Universal Development Enterprises NV on September 18, 2014. In consideration, Elray Resources will issue 5 million Preferred Series C stock with a 24 month restriction on conversion. Upon Golden Galaxy achieving revenues of at least $0.1 million within the first 6 months of operation, Elray will issue additional 3 million Series C preferred shares. Under the terms of agreement, Elray Resources will initially acquire a 25% stake in the operating Casino with options to acquire additional percentages based on Golden Galaxy achieving profit milestones. Portspot Consultants, Ltd has reported sales of $6.9 million for year ending on August 31, 2014.

On February 22, 2015, Elray received the certificate for the 25% interest in Golden Galaxy and issued 5 million shares of Elray's Series C preferred stock. The closing of the transaction to acquire Golden Galaxy's 25% interest is dependent upon the result of the Company's due diligence procedures that is expected to be finished within year 2015.