Eagle Equities LLC acquired 606,060 additional common shares of Gopher Protocol Inc. for a combined $1.0 million in two tranches that closed May 4 and May 25.
The transactions are part of Eagle's agreement May 4 to acquire up to 1,212,120 Gopher common shares for a total of $2.0 million. The remaining two tranches of 303,030 Gopher shares each for an aggregate cost of $1.0 million are slated to close June 15 and July 5.
Gopher will put 303,030 additional common shares each tranche in escrow that will be released to Eagle if the latter sells its shares at less than $1.65 per share, starting on the seven month anniversary of the closing of each tranche.
