Business
Diamond Estates Wines & Spirits Inc. Receives $1M Advance from Lassonde
Niagara-on-the-Lake, Ontario--(Newsfile Corp. - May 8, 2026) - Diamond Estates Wines & Spirits Inc. (TSXV: DWS) ("Diamond Estates" or the "Company") announces that today it has entered into an unsecured advance agreement (the "Agreement") with Lassonde Industries Inc. ("Lassonde"), pursuant to which Lassonde has agreed to provide the Company with an unsecured advance in the principal amount of $1,000,000 (the "Advance"). The Advance bears interest at the prime rate of the Bank of Montreal plus..
About this update from Bank Of Montreal
[{"type":"text","content":"Niagara-on-the-Lake, Ontario--(Newsfile Corp. - May 8, 2026) - Diamond Estates Wines & Spirits Inc. (TSXV: DWS) ("Diamond Estates" or the "Company") announces that today it has entered into an unsecured advance agreement (the "Agreement") with Lassonde Industries Inc. ("Lassonde"), pursuant to which Lassonde has agreed to provide the Company with an unsecured advance in the principal amount of $1,000,000 (the "Advance"). The Advance bears interest at the prime rate of the Bank of Montreal plus 2.25% per annum and matures on June 30, 2026. The Advance is unsecured and subordinated to the Company's secured indebtedness.","length":693,"tagName":"p"},{"type":"text","content":"The additional working capital support is intended to assist the Company with ongoing growth initiatives and seasonal working capital requirements, including strategic grape purchases to support anticipated future demand.","length":221,"tagName":"p"},{"type":"text","content":"The Advance pursuant to the Agreement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), as Lassonde is a control person and a related party of the Company. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101. The transaction is exempt from the formal valuation requirement pursuant to subsection 5.5(b) of MI 61-101, as the Company's securities are not listed on a specified market (as defined in MI 61-101). The transaction is also exempt from the minority approval requirement pursuant to subsection 5.7(1)(a) of MI 61-101, as the fair market value of the Advance does not exceed 25% of the Company's market capitalization.","length":838,"tagName":"p"},{"type":"text","content":""We want to thank Lassonde for its ongoing support as Diamond continues its financial turnaround and invests in growth," said Andrew Howard, President and CEO of Diamond Estates.","length":188,"tagName":"p"},{"type":"text","content":"About Diamond Estates Wines and Spirits Inc.","length":44,"tagName":"p"},{"type":"text","content":"Diamond Estates is a producer of high-quality wines and ciders as well as a sales agent for over 120 bevera...