Prime Drink arranges minimum $300,000 private placement

Executive Summary

• Prime Drink Group Corp. announced a non-brokered private placement offering of units to raise between $300,000 and $5,000,000 in gross proceeds.
• Each unit is priced at $1,000 and consists of 16,667 common shares and 16,667 transferable share purchase warrants.
• The net proceeds will be used for business development and general working capital purposes.

Key Details

• Gross Proceeds: Minimum of $300,000; Maximum of $5,000,000.
• Unit Price: $1,000 per unit.
• Unit Composition: Each unit comprises 16,667 common shares and 16,667 transferable share purchase warrants.
• Share Issuance: Minimum of 5,000,000 common shares; Maximum of 83,333,333 common shares.
• Deemed Price Per Share: $0.06.
• Warrant Terms:
  • Quantity: Minimum of 5,000,000 warrants; Maximum of 83,333,333 warrants.
  • Exercise Price: $0.06 per common share.
  • Duration: Three years from the issuance date.
• Finder's Fee: A cash finder's fee of 6% of the proceeds received by the company from subscribers introduced by arm's-length finders will be paid upon closing.
• Use of Proceeds: Development of the company's business and general working capital purposes.
• Regulatory Status: Subject to final approval of the Canadian Securities Exchange and other applicable regulatory approvals.
• Resale Restrictions: Securities are subject to a hold period of four months and one day from the date of issuance under applicable Canadian securities laws.

Notable Quotes

• None provided in the text.