Prime Drink Group Announces Its Intention to Unlock the Value of Its Quebec Water Assets

MONTREAL, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Prime Drink Group Corp. (CSE: PRME) (“Prime” or the “Company”) is pleased to announce its intention to unlock the value of its water assets. The Company is one of the largest holders of water rights in Quebec with a total volume of 3.4 billion litres per year. Over the past week, Olivier Primeau, Prime's Chief Brand and Innovation Officer, made a reconnaissance trip to Quebec City to discuss his vision for the future of water, a primary resource in Quebec, with ministers from the various provincial parties.

“When our investment group first invested in Prime, it was primarily for its water assets,” said Mr. Primeau. “In today's uncertain economic climate, every project capable of generating revenue for Quebec is more important than ever. We must learn to make better use of our resources, namely our water, in order to strengthen our economy and make it more self-sufficient. Too often, we have underestimated the value of what we possess, whereas with smart, visionary management, we have everything we need to build a stronger, more resilient economy.”

“Our goal is clear: to ensure that our water is not only protected for future generations, but also actively contributes to Quebec's prosperity. We have a tremendous opportunity at our fingertips, and the time to act is now. Discussions with government officials have been very positive, attitudes are changing, and we're more motivated than ever to lead the fight to ensure that Quebec's water finally gets the recognition and value it deserves. Our reflection at Prime continues as we prepare our plan to unlock the value of this precious asset, a process that may take a few more months,” added Mr. Primeau.

Closing of second tranche of private placement

The Company also announces that it has closed a second tranche of its previously announced non-brokered private placement financing (the “Offering”) of units of the Company (each, a “Unit”) for gross proceeds of $250,000 (the “Second Tranche”), thus bringing the total private placement to $800,000.

The Second Tranche consisted of the sale of 50 Units at a price of $5,000 per Unit resulting in the issuance of 1,000,000 common shares of the Company (the “Common Shares”) and 961,538 transferable share purchase warrants (the “Warrants”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.26 per Common Share for a period of two (2) years from the closing date of the Offering.

In connection with the Second Tranche of the Offering, the Company will pay cash finders’ fees totalling $15,000, representing 6% of the proceeds received by the Company from subscribers to the Offering introduced to the Company by such finders.

The securities underlying the Units issued pursuant to the Offering 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 Unit Offering to develop its business and for general working capital purposes.

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.

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES IN THE UNITED STATES. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER OR SALE OF SECURITIES IN THE UNITED STATES.

For further information, please contact:
Jean Gosselin, Secretary
Phone: (514) 394-7717
Email: info@prime-group.ca

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: (i) to the completion of the Offering, (ii) the issuance of the underlying securities, (iii) the intended use of proceeds of the Offering and, (iv) prospects for future water-related activities.

These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the beverage industry, the Offering is completed as currently contemplated, 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.