Prime Drink Group Announces Additional Closing of Private Placement and Provides Corrective Disclosure
MONTREAL, March 27, 2025 (GLOBE NEWSWIRE) — Prime Drink Group Corp. (CSE: PRME) (“Prime” or the “Company”) announces that it has closed an additional and final subscription with respect to its non-brokered private placement (the “Offering”) of units of the Company (each, a “Unit”) for gross proceeds of $99,960, through the issuance of 100 Units consisting of the issuance of 588,000 common shares of the Company (the “Shares”) and 588,000 common share purchase warrants (the “Warrants”). The Company raised aggregate gross proceeds of $1,910,235.60 for the entire Offering.
The securities underlying the Units issued pursuant to the second closing of the Offering are subject to resale restrictions, including a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws. The Company intends to use the net proceeds to develop its business and for general working capital purposes.
Corrective Disclosure
The Company also wishes to provide corrective disclosure with respect to its previously issued news release dated March 26, 2025 entitled “Prime Drink Group Announces Closing of $1.8 Million Private Placement” (the “First Closing News Release”) regarding the first closing of the Offering (the “First Tranche”).
Specifically, the Company would like to correct:
| a) | that each Unit was comprised of 5,880 Warrants (not 4,000 Warrants as disclosed in the First Closing News Release). As such, pursuant to the closing of the First Tranche (the “Closing”), a total of 10,648,680 Warrants were issued (not 7,244,000 Warrants as disclosed in the First Closing News Release); and | |
| b) | the Company paid cash finders’ fees totaling approximately $61,475.17 to certain arm’s length finders in connection with the Closing (not $64,174 as disclosed in the First Closing News Release). | |
About Prime Drink Group
Prime Drink Group Corp (CSE: PRME) is a Québec-based corporation focused on becoming a leading diversified holding company in the beverage, influencer media and hospitality sectors.
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER OR SALE OF SECURITIES IN THE UNITED STATES.
For further information, please contact:
Jean Gosselin, Secretary
Phone: (514) 394-7717
Email: info@prime-group.ca
Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations (including negative and grammatical variations) of such words and phrases or statements that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information in this press release may include, without limitation, statements relating to the intended use of proceeds of the Offering.
These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the beverage industry, market conditions, availability of financing to the Company on acceptable terms, general economic factors, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of Prime may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Prime believes that the expectations reflected in forward-looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Prime disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
