Eucrates Biomedical Acquisition Corp. announced a private placement of an convertible unsecured promissory note for gross proceeds of $500,000 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 $96,000. The note will be issued at par, will bear no interest, and is convertible into 50,000 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. 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.

On the same date, the company has received $96,000 in its first tranche.