Business
Eastside Distilling, Inc. Announces Incremental $3 Million Credit Facility
PORTLAND, Ore., March 24, 2022 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) ("Eastside" or the "Company"), a consumer-focused beverage company
About this update from Beeline Holdings, Inc.
[{"type":"text","content":"PORTLAND, Ore., March 24, 2022 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) (\"Eastside\" or the \"Company\"), a consumer-focused beverage company that builds craft inspired experiential brands and high-quality artisan products around premium spirits and ready-to-drink \"RTD\" craft cocktails, today announced that it has closed a new secured credit facility of up to $3 million in available principal amount with TQLA, LLC. \n\n \n \n \n \n \n \n\n \nThe Company has entered into a definitive agreement with TQLA, LLC to accept a one-year loan of $2 million with a conditional additional loan of $1 million and a conditional term extension of six months. The loan will bear interest at 9.25% and carry a commitment fee of 2.5%. The Company will issue a common stock purchase warrant to TQLA covering the loan amount with a strike price of $1.20. \nGeoffrey Gwin, Eastside's Chief Executive Officer commented, \"This is an encouraging development and will help us fund the growing working capital needs of the business as we launch digital can printing. We greatly value the partnership with a key stakeholder such as Pat Kilkenny.\"\nThe securities offered in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable under state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.\nThis press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.\nAbout Eastside Distilling\nEastside Distilling, Inc. (NASDAQ: EAST) has been producing high-quality, award-winning craft spirits in Portland, Oregon, since 2008. The Company is distinguished by its highly decorated product lineup that includes Azuñia Tequilas®, Burnside Whiskeys®, Hue-Hue Coffee Rum®, and Portland Potato Vodkas®. All Eastside spirits are crafted from natural ingredients for quality and taste. Eastside's Craft Canning + Bottling subsidiary is o...