Groupe Prime Drink Corp. (CSE: PRME), a Quebec-based firm focused on becoming a diversified beverage portfolio company, is moving forward with a strategically significant acquisition of Triani Canada Inc., a producer and distributor of alcoholic and non-alcoholic beverages. On May 8, 2024, Prime Drink announced the terms for concurrent financing related to the proposed acquisition. The company intends to issue a minimum of 8 million and a maximum of 12 million subscription receipts at a price of CAD 0.625 per receipt, targeting a gross proceed between CAD 5 million and CAD 7.5 million. The subscription receipts will eventually convert into common shares of Prime post-consolidation, subject to escrow release conditions linked to the completion of the acquisition. Computershare Trust Company of Canada will act as the subscription receipt agent, holding the gross proceeds in escrow until the release conditions, detailed in the subscription receipt agreement, are satisfied or waived. Should these not be met within 120 days following the placement closing, the receipts will be canceled, and escrow funds returned to holders with accrued interest. The private placement will adhere to prospectus exemptions under applicable securities laws, with all issued securities subjected to a four-month-plus-one-day statutory hold period from issuance. Additional details on the transaction, including definitive agreement terms and a forthcoming Prime shareholder meeting, will be disclosed in future press releases. Triani, with an unaudited non-IFRS annual revenue of CAD 28 million for the year ending November 30, 2023, is known for its notable brands, including Cantini, Ettaro, Enjoy, and various malt-based alcoholic beverages, as well as the Hickson non-alcoholic brand and beers from Brasserie les 2 Freres. This move is part of Groupe Prime Drink’s growth-oriented acquisition and integration strategy. The press release concludes with cautionary notes on forward-looking information, reminding readers that actual results may vary substantially due to risk factors and uncertainty within the beverage market, economic conditions, and securities markets.

Beverages, Financial Services,Canada