Offer sells 5,512,500 shares at $0.40 to fund manufacturing facility
By Devika Patel
Knoxville, Tenn., Jan. 5 – Eastside Distilling, Inc. said it completed a $2.21 million private placement of stock.
The company sold 5,512,500 common shares. The price per share, of $0.40, is an 80.49% discount to $2.05, the Jan. 2 closing share price.
Proceeds will be used for the build-out of Eastside's new manufacturing facility, marketing expenses, repayment of indebtedness, working capital and general corporate purposes.
The producer of hand-crafted spirits is based in Portland, Ore.
| Issuer: | Eastside Distilling, Inc.
|
| Issue: | Common stock
|
| Amount: | $2,205,000
|
| Shares: | 5,512,500
|
| Price: | $0.40
|
| Warrants: | No
|
| Settlement date: | Jan. 5
|
| Stock symbol: | OTCBB: ESDI
|
| Stock price: | $2.05 at close Jan. 2
|
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