Prime Drink Group raises up to $2.2 million in private placement

Prime Drink Group Corp. (CSE: PRME) announced a non-brokered private placement offering to raise between $1.2 million and $2.2 million through the sale of units priced at $10,000 each.

Each unit consists of 200,000 common shares at a deemed price of $0.05 per share and 200,000 transferable share purchase warrants. The warrants allow holders to purchase common shares at $0.10 per share for one year from the issuance date.

The offering will result in the issuance of 24 million to 44 million common shares and an equal number of warrants, depending on subscription levels. The securities are subject to a four-month and one-day hold period under Canadian securities laws.

Prime Drink Group plans to allocate $1 million of the net proceeds toward finalizing an agreed settlement with creditors, with remaining funds designated for general working capital purposes.

The private placement requires final approval from the Canadian Securities Exchange and other applicable regulatory authorities. The Montreal-based company describes itself as focused on becoming a diversified holding company in the beverage, influencer media and hospitality sectors.

The securities cannot be offered or sold in the United States unless registered under applicable securities laws or pursuant to an exemption from registration requirements.

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