MONTREAL, Aug. 15, 2025 (GLOBE NEWSWIRE) — Prime Drink Group Corp. (CSE: PRME) (“Prime” or the “Company”) announces that further to its news release date July 30, 2025, the Company voluntarily applied for and the Company’s principal regulator, the British Columbia Securities Commission (the “BCSC”) granted a management cease trade order (the “MCTO”) dated July 30, 2025, under National Policy 12-203 Management Cease Trade Orders (“NP 12-203”) and provided the Company with an extension to file its annual financial statements for the period ended March 31, 2025, including the related management’s discussion and analysis, and related certifications on or before July 29, 2025 (collectively the “Annual Financial Filings”). The deadline has now been extended to on or before September 29, 2025.
Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer of the Company may not trade in securities of the Company until such time as the Company files its Annual Financial Filings on or before September 29, 2025, and the Executive Director of the BCSC revokes the MCTO. The MCTO does not affect the ability of shareholders to trade their securities.
The Company is working expeditiously and expects to file on or before September 29, 2025.
The Company confirms that it will continue to satisfy the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases until the time it has filed the Annual Financial Filings.
Closing of Private Placement
Prime completed its non-brokered private placement of units, as announced on July 2, 2025, for gross proceeds of $845,000. As a result, the Company issued 10,242,424 common shares and 7,681,818 warrants. Each warrant entitles the holder to purchase one common share at a price of $0.11 per share for three years from the closing date of the private placement.
In connection with the private placement, the Company issued 921,818 broker warrants as finders’ fees to arm’s-length finders. Each warrant entitles the holder to purchase one common share at a price of $0.11 per share for three years from the closing date of the private placement.
The securities underlying the units and the broker warrants issued pursuant to the private placement are subject to resale restrictions, including a hold period of four months and one day from the date of issuance, in accordance with applicable Canadian securities laws. The Company intends to use the net proceeds of the private placement to develop its business and for general working capital purposes.
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.
Forward-looking information in this press release may include, without limitation, statements relating to the intended use of proceeds of the private placement.
These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding market conditions, 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 the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
