Deal's proceeds to be used for working capital, clinical development
By Devika Patel
Knoxville, Tenn., March 10 - EastGate Acquisitions Corp. said it raised $1.1 million in a private placement of units. Chardan Capital Market, LLC was the agent.
The company sold units of one restricted common share and 0.75 warrants at $0.25 per unit.
Each whole warrant is exercisable at $0.25 for five years. The strike price is identical to the March 7 closing share price.
Proceeds will be used for working capital, clinical development as well as general corporate and strategic purposes.
Salt Lake City-based Eastgate is engaged in developing self-emulsifying drug delivery systems.
| Issuer: | EastGate Acquisitions Corp.
|
| Issue: | Units of one restricted common share and 0.75 warrants
|
| Amount: | $1.1 million
|
| Price: | $0.25
|
| Warrants: | 0.75 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.25
|
| Agent: | Chardan Capital Market, LLC
|
| Settlement date: | March 10
|
| Stock symbol: | OTCBB: ESAQ
|
| Stock price: | $0.25 at close March 7
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