Deal conducted by Gottbetter Capital; proceeds fund working capital
By Devika Patel
Knoxville, Tenn., June 4 - Eastern Resources, Inc. settled a $150,000 private placement of units on May 25, according to an 8-K filed Monday with the Securities and Exchange Commission. Gottbetter Capital Markets, LLC was the agent.
The company sold 150,000 units of one common share and a half-share warrant at $1.00 per unit.
The whole warrants are each exercisable at $1.50 for five years. The strike price reflects a 16.67% discount to the June 1 closing share price of $1.80.
Proceeds will be used for working capital and general corporate purposes.
The Bloomsburg, Pa., company designs restaurants.
Issuer: | Eastern Resources, Inc.
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Issue: | Units of one common share and a half-share warrant
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Amount: | $150,000
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Units: | 150,000
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Price: | $1.00
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | $1.50
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Agent: | Gottbetter Capital Markets, LLC
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Settlement date: | May 25
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Announcement date: | June 4
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Stock symbol: | OTCBB: ESRI
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Stock price: | $1.80 at close June 1
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Market capitalization: | $178.35 million
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