Eastgate Biotech Corp (OTCMKTS:ETBI)
As part of the agreement, Gunpowder Capital Corp will continue acting as Eastgate’s financial advisor and will also assist Eastgate in several compliance matters in relation to the ongoing public listing as well as helping in administrative matters.
As compensation for work done, Gunpowder Capital Corp will be paid C$15,000. After listing on the Canadian Stock Exchange, Gunpowder Capital will continue serving Eastgate for at least six months as an advisor and will be paid a monthly fee of C$5,000.00. Additionally, after listing, Gunpowder Capital will be entitled to 8% of Eastgate’s outstanding common shares.
Gunpowder Capital Corp will also lend Eastgate $78,000.00 USD at an annual interest rate of 14%. Eastgate will use one its officers as a personal guarantor for the loan which will be convertible at any time into common shares at the rate of $0.05 per share.
As part of the agreement, Gunpowder Capital will be entitled to One Million warrants of Eastgate’s common stock. The warrants will be exercisable for a period of three years and will allow Gunpowder Capital to purchase 1,000,000 of Eastgate’s common shares at the rate of $0.05 per share.
OMNI Surgery and Anti-Aging Centre, EastGate’s recent acquisition, has announced the appointment of Dr. Ishaan Sundar as its Medical Director. Dr. Sundar is a graduate of the Laser Sheer Training Academy, American Cosmetic Cellular Medicine Association, and American Academy of Aesthetic Medicine and specializes in Injectable Placements. Dr. Sundar has over 20 years of experience and practice at OMNI state-of-the-art centre. He has distinguished career and extensive experience in Critical Care Medicine (ICU, CCU). He will be in charge of surgical and medical operations at the only anti-aging and fee-for-service surgical centre in Saskatchewan.
OMNI Surgery and Anti-Aging Centre is located in the underserved market in Saskatchewan, Canada and has a lot of potential for growth. EastGate’s head of Global Business Development and Licensing, and former OMNI Surgery owner Bill Abajian said Dr. Sundar’s experience as a physician will be valuable to the company’s management and leadership team.
EastGate CEO, Anna Gluskin, said EastGate Biotech gets around $2 million from OMNI Surgery in form of assets. Addition that their main goal is to replicate OMNI Surgery + Anti-Aging clinics in all emerging markets.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.