Prime Drink Group Terminates Rights Offering and Announces Private Placement

Executive Summary

• Prime Drink Group Corp. has terminated its previously disclosed rights offering and is instead proceeding with a non-brokered private placement to raise up to $5,000,000 in gross proceeds.
• The offering consists of Units priced at $5,000 each, comprising 62,500 common shares and 62,500 transferable share purchase warrants per Unit.
• Net proceeds will be used for business development and general working capital, subject to regulatory approval from the Canadian Securities Exchange.

Key Details

• Transaction Structure: Non-brokered private placement of Units.
• Gross Proceeds: Maximum of $5,000,000.
• Unit Price: $5,000 per Unit.
• Composition per Unit:
  • 62,500 Common Shares.
  • 62,500 Transferable Share Purchase Warrants.
• Aggregate Issuance:
  • Maximum of 62,500,000 Common Shares.
  • Maximum of 62,500,000 Warrants.
• Deemed Price Per Share: $0.08.
• Warrant Terms:
  • Exercise Price: $0.085 per Common Share.
  • Duration: Two (2) years from the issuance date.
• Finders’ Fees: A cash fee of 6% of proceeds received from subscribers introduced by arm’s-length finders.
• 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.
• Previous Action: Termination of the previously disclosed rights offering.

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.