MONTREAL, July 30, 2026 (GLOBE NEWSWIRE) -- Prime Drink Group Corp. (CSE: PRME) ("Prime" or the "Company) announces that further to its press release dated June 12, 2026, it has extended its previously announced non-brokered private placement offering of units of the Company (the "Units") to raise minimum gross proceeds of $1,200,000 and maximum gross proceeds of $2,200,000 (the "Unit Offering"). The Unit Offering is expected to close on or by September 14, 2026.
Each Unit will be offered at a price of $10,000 per Unit and is comprised of 200,000 common shares in the capital of the Company (the "Common Shares") and 200,000 transferable share purchase warrants (the "Warrants"), resulting in the aggregate issuance of a minimum of 24,000,000 Common Shares and of a maximum of 44,000,000 Common Shares issued at a deemed price per share of $0.05 and a minimum of 24,000,000 Warrants and a maximum of 44,000,000 Warrants. Each Warrant entitles the holder to purchase a Common Share at a price of $0.10 per Common Share for a period of one (1) year from the issuance date.
The Company intends to allocate $1.0 million of the net proceeds of the Unit Offering to finalize its agreed settlement with creditors and release of security, and the balance to general working capital purposes.
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, 2026, 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, 2026 (the "Filing Deadline").
The unforeseen delay is due to the fact that the Company is currently completing the year-end reporting process following a period of significant corporate transactions and operational integration, which has resulted in a number of complex accounting, valuation and disclosure matters requiring additional review. Management and its professional advisors require additional time to complete the necessary analyses, finalize supporting documentation and ensure that the Company's financial statements and related disclosure documents accurately reflect these matters. The requested extension will allow the Company to complete this work in an orderly manner and provide investors with comprehensive and reliable disclosure.
The Company is working diligently with Horizon Assurance LLP and the Company anticipates that it will be in a position to file the Annual Financial Filings by September 28, 2026.
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 that is to be imposed against the Chief Executive Officer and Chief Financial Officer of the Company regarding the trading of 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. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
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 proceeds to be raised from the Unit Offering, the expected use of proceeds from the Unit Offering, the anticipated completion of the Annual Financial Filings, and management's intention to issue updating press releases on a bi-weekly basis pursuant to NP 12-203.
These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding market conditions, general economic activity, the ability of the Company to raise financing on acceptable terms, management's ability to execute its business plan and operations, and reliance on key personnel. 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.
