Elray Resources, Inc. (OTCPK:ELRA) announced a private placement of two convertible promissory notes for gross proceeds of $37,000 to returning investor, LG Capital Funding LLC on March 6, 2014. The holders have the right to convert any portion of the principal amount thereof at a 50% discount to the average of the three lowest closing bid price over the last 15 trading days prior to the holder's election to convert. The company issued securities pursuant to exemption provided under Regulation D.

On March 6, 2014, Elray Resources, Inc. closed the transaction.