Eastgate Biotech Corp (fka ETBI)

[Snug Harbour]

It's not a toxic convertible note THall. Northbridge doesn't get more shares to sell the cheaper the price. They got 140M shares period.

Because the debt was ordered paid with shares at any price. Read the court docs. They dont care what the price is they want the money

$724,108.50 / 140M shares = .0051


It's not in NB's interest to kill the share price below .0051


On May 9, 2017, EastGate Biotech Corp. (the “Company”) entered into a Settlement Agreement with Northbridge Financial, Inc. (“Northbridge”), whereby Northbridge acquired liabilities of the Company in the amount of $724,108.50 (the “Debt”), which was owed by the Company to third parties related to debts related to the Company’s outstanding liabilities. The Company and Northbridge then entered into an Order Granting Approval of the Settlement Agreement, and Northbridge converted the Debt pursuant to a 3(a)(10) exemption into 140,000,000 shares of the Company’s common stock.