Eastside Distilling announced that it has closed a private placement offering with Bigger Capital Fund, LP and District 2 Capital Fund LP. The company has entered into a definitive agreement with Bigger Capital Fund, LP and District 2 Capital Fund LP to offer and sell to the Subscribers up to $3.3M in aggregate principal amount of secured convertible promissory notes of the company, which Notes are convertible into shares of the company's Common Stock, par value $0.0001 per share, pursuant to the terms and conditions set forth in the Notes with an initial conversion price of $2.20, a 39% premium to the last closing price of the Common Stock. Additionally, in connection with the purchase of such Notes, each Subscriber shall receive a warrant, to purchase a number of shares of Common Stock equal to 60% of the principal amount of any Note issued to such Subscriber hereunder divided by the conversion price of the Note issued to such Subscriber, at an exercise price equal to $2.65, pursuant to a Securities Purchase Agreement. The use of proceeds will be to refinance $2M in maturing notes and for general corporate purposes. In addition, Eastside announced it has extended its Live Oak Bank ABL facility for 30 days to May 13, 2021. Eastside continues to work with Live Oak to extend the line for a year into 2022. Roth Capital Partners acted as the exclusive placement agent for the offering.