East Stone Acquisition Corporation announced a private placement of 350,000 units at the price of CAD 10 per unit for gross proceeds of CAD 3,500,000 on February 24, 2020. The transaction included participation from Double Ventures Holdings Limited, Hua Mao, Cheng Zhao and I-Bankers. Each unit consists of one ordinary share of the Company, no par value, one redeemable warrant of the company, with each warrant entitling the holder thereof to purchase one-half of one ordinary share for CAD 11.50 per whole share and one right to receive one-tenth (1/10) of one ordinary share upon consummation of the Company’s initial business combination. 167,000 private units were purchased by the Double Ventures Holdings Limited, 108,000 Private Units were purchased by Hua Mao and Cheng Zhao separately and not together, and 75,000 private units were purchased by I-Bankers Securities, Inc.