Original News Release
Prime Drink extends rights offering, receives MCTO
Mr. Jean Gosselin reports
PRIME DRINK GROUP EXTENDS EXPIRY DATE OF ITS RIGHTS OFFERING AND ANNOUNCES DELAY IN FILING ANNUAL FINANCIAL STATEMENTS
Prime Drink Group Corp., pursuant to a notice of variation dated July 29, 2025, has extended the expiry date of its previously announced rights offering to Aug. 29, 2025. All other terms of the rights offering remain the same as described in the circular (as defined herein) and as announced in its news release dated June 18, 2025. A copy of the notice of variation is available on SEDAR+.
As described in the rights offering circular dated June 18, 2025, the company is offering a maximum of 353,409,888 rights to holders of its common shares as at the close of business on the record date of June 25, 2025, on the basis of one right for each share held. Each right will entitle the holder to subscribe for one share at the subscription price of 8.25 cents per rights share.
For details regarding the anticipated use of net proceeds from the rights offering, please refer to the circular, which is also available on SEDAR+.
Delay in filing the company's annual financial statements
The company also announces that the filing of its audited annual financial statements for the year ended March 31, 2025, including the related management discussion and analysis, and chief executive officer and chief financial certifications, was not filed by the required filing deadline of July 29, 2025. The unforeseen delay is due to the fact that the company changed its auditor from MNP LLP, chartered professional accountants, to Horizon Assurance LLP, during the year ended March 31, 2025, and Horizon requires additional time to complete the audit.
The company is working diligently with Horizon and the company anticipates that it will be in a position to file the annual financial filings by Sept. 29, 2025.
Pursuant to National Policy 12-203, Management Cease Trade Orders, the company has voluntarily applied to the applicable securities regulatory authorities and received a management cease trade order related to the company's securities to be imposed against the chief executive officer and chief financial officer of the company to trade securities of the company. The MCTO will be in effect until the annual financial filings are filed.
All other securityholders will still be able to trade in the securities of the company in accordance with applicable securities laws.
Until the annual financial filings are filed and the MCTO has been revoked, the company intends to continue to satisfy the provisions of the alternative information guidelines specified in NP 12-203 by issuing default status reports in the form of further press releases every two weeks.
About Prime Drink Group Corp.
Prime Drink Group is a Quebec-based corporation focused on becoming a leading diversified holding company in the beverage, influencer media and hospitality sectors.
We seek Safe Harbor.
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