Eastgate Biotech Corp. (OTCPK:ETBI) announced that it has entered into an agreement with Nico Innovagroup S.r.l. for a private placement of 2,000,000 preferred shares at a price of $1 per share for gross proceeds of $2,000,000 on August 10, 2018. The preferred shares will be convertible into common shares of the company at a conversion price of $1 per share in a one to one basis. The transaction is expected to close in 60 days.