Deal includes warrant coverage, exercisable at $0.10 for three years
By Devika Patel
Knoxville, Tenn., Sept. 9 – Eastside Distilling, Inc. negotiated a $1.5 million private placement of 8% promissory notes, according to an 8-K filed Friday with the Securities and Exchange Commission.
Investors also will receive warrants for 15 million common shares. Each of the warrants is exercisable at $0.10 for three years.
The strike price is identical to the Sept. 8 closing share price.
The spirits producer is based in Portland, Ore.
| Issuer: | Eastside Distilling, Inc.
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| Issue: | Promissory note
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| Amount: | $1.5 million
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| Coupon: | 8%
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| Warrants: | For 15 million shares
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| Warrant expiration: | Three years
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| Warrant strike price: | $0.10
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| Announcement date: | Sept. 9
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| Stock symbol: | OTCBB: ESDI
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| Stock price: | $0.10 at close on Sept. 8
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| Market capitalization: | $9.05 million
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