EG Acquisition Corp. (NYSE:EGGF.U) announced a private placement of 4,666,667 warrants at a price of $1.50 per warrant for gross proceeds of $7,000,000.5 on April 5, 2021. Each warrant will entitle the holder to purchase a common share at a price of $11.50 per share. The company has granted over-allotment option to issue additional warrants, and if exercised in full, the company will issue 5,166,667 warrants for proceeds of $7,750,000 in the transaction. The transaction will include participation from EG Sponsor LLC. The warrants will be non-redeemable and exercisable on a cashless basis so long as they are held by the sponsor or its permitted transferees. The warrants are subject to restriction period of 3 years from the closing.