Deal sells 4.45 million units of shares, 0.75 warrants at $0.25 each
By Devika Patel
Knoxville, Tenn., March 13 - Eastgate Acquisitions Corp. completed a $1.13 million private placement of units on March 10, according to an 8-K filed Thursday with the Securities and Exchange Commission. Chardan Capital Market, LLC was the agent.
The company sold 4.45 million 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 a 50% discount to $0.50, the March 12 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: | $1,125,000
|
| Units: | 4.45 million
|
| Price: | $0.25
|
| Warrants: | 0.75 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.25
|
| Agent: | Chardan Capital Market, LLC
|
| Announcement date: | March 13
|
| Settlement date: | March 10
|
| Stock symbol: | OTCBB: ESAQ
|
| Stock price: | $0.50 at close March 12
|
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