Prime Drink Group Extends Expiry Date of Its Rights Offering and Announces Delay in Filing Annual Financial Statements
MONTREAL, July 30, 2025 (GLOBE NEWSWIRE) -- Prime Drink Group Corp. (CSE: PRME) (“Prime” or the “Company”) announces that, pursuant to a notice of variation dated July 29, 2025 (the “Notice of Variation”), it has extended the expiry date of its previously announced rights offering (the “Rights Offering”) to August 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 press release dated June 18, 2025. A copy of the Notice of Variation is available on SEDAR+ at www.sedarplus.ca.
As described in the rights offering circular dated June 18, 2025 (the “Circular”), the Company is offering a maximum of 353,409,888 rights (the “Rights”) to holders (the “Shareholders”) of its common shares (the “Shares”) as at the close of business on the record date of June 25, 2025 (the “Record Date”) on the basis of one (1) Right for each one (1) Share held. Each one (1) Right will entitle the holder to subscribe for one Share (each, a “Rights Share”) at the subscription price of $0.0825 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+ at www.sedarplus.ca.
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 (collectively, the “Annual Financial Filings”) was not filed by the required filing deadline of July 29, 2025 (the “Filing Deadline”). The unforeseen delay is due to the fact that the Company changed its auditor from MNP LLP Chartered Professional Accountants to Horizon Assurance LLP (“Horizon”) 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 September 29, 2025.
Pursuant to National Policy 12-203 Management Cease Trade Orders (“NP 12-203”) 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”). 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
Prime Drink Group Corp (CSE: PRME) is a Québec-based corporation focused on becoming a leading diversified holding company in the beverage, influencer media and hospitality sectors.
For further information, please contact:
Jean Gosselin, CFO
Phone: (514) 394-7717
Email: info@prime-group.ca
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities within the United States, and the securities may not be offered or sold in the United States, or to or for the account or benefit of any person in the United States or any U.S. person, unless registered under the U.S. Securities Act and applicable U.S. state securities laws, or pursuant to an exemption from such registration requirements described in the Circular. There shall be no offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful absent registration or qualification of such securities under the laws of any such jurisdiction. “United States” and “U.S. person” are as defined in Regulation S under the U.S. Securities Act.
Forward-Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations (including negative and grammatical variations) of such words and phrases or statements that certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information in this press release may include, without limitation, statements relating to anticipated proceeds raised from the Rights Offering.
These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding market conditions, number of Shareholders exercising their rights, general economic factors and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of Prime may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Prime believes that the expectations reflected in forward-looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Prime disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
Neither theCanadian Securities Exchangenor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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