Issuer sells 8.13 million units at $0.04; warrants run for five years
New York, Dec. 31 – Eastgate Biotech Corp. completed a $325,000 offering of units of stock and warrants, according to an 8-K filing with the Securities and Exchange Commission.
The company sold 8,125,000 units at a price of $0.04 each.
The units are made up of one share and a five-year warrant to purchase an additional share at an exercise price of $0.04 per share.
Eastgate began the Regulation D offering on Dec. 22 and completed it on Dec. 29.
Eastgate is a Salt Lake City-based company that is using its drug delivery technology to develop novel formulations of natural compounds and pharmaceutical products that have limitations in effective use for human consumption.
| Issuer: | Eastgate Biotech Corp.
|
| Issue: | Units of stock and warrants
|
| Amount: | $325,000
|
| Units: | 8,125,000
|
| Price: | $0.04
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.04
|
| Settlement date: | Dec. 29
|
| Stock symbol: | OTC: ETBI
|
| Stock price: | $0.0402 at close on Dec. 29
|
| Market capitalization: | $3.2 million
|
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