Eucrates Biomedical Acquisition Corp. announced a private placement of an unsecured promissory note for gross proceeds of $600,000 on January 20, 2022. The transaction will include participation from returning investor Eucrates Llc.

The principal of this note will be drawn down from time to time prior to the maturity date, upon written request from company to the investor, for an amount not less than $10,000. The investor will fund each request no later than 5 business days. The note will be issued at par, will bear no interest, and is convertible into units of the company, at a fixed conversion price of $10 per unit, at the option of the investor.

Each unit will consist of one common share and one-third of one warrant of the company. Each whole warrant entitles the holder thereof to purchase one common share at a price of $11.50 per share. The warrants will expire five years after the completion of its initial business combination or earlier upon redemption or liquidation.

If the company completes an initial business combination, it would repay outstanding amounts under the note. The company will issue securities pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended.