Prime Drink Group Corp., a Quebec-based diversified beverage holding company, has announced the terms of a private placement offering with a goal of raising minimum proceeds of $5 million to a maximum of $7.5 million through the sale of subscription receipts. The offering is in connection with the planned acquisition of Triani Canada Inc., which was initially made public on January 22, 2024. The acquisition constitutes a fundamental change for Prime Drink Group as per the Canadian Securities Exchange (CSE) rules. The subscription receipts, priced at $0.625 each, will convert into common shares of Prime post-consolidation without any additional payment. Subscription proceeds will be held in escrow and may be returned with accrued interest if escrow release conditions are not met within 120 days of the offering. Finder’s fees are expected, and all elements of the offering and acquisition adhere to CSE policies and applicable securities law, including a statutory hold period. The transaction is detailed in a binding letter of intent, and a definitive agreement is anticipated within two weeks. The acquisition will conclude after a shareholder meeting, where approvals will be sought for the transaction, company name change, board consolidation, and more. Triani, the target of this acquisition, is noted for its robust growth and extensive client base in the beverage industry, fostering notable brands and a solid financial performance with annual sales of $28 million. Prime Drink Group, reinforcing its strategic position, aims to expand its holdings and promote sustainable growth across the beverage sector.

Beverages, Private Equity,Canada