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Diamond Estates Wines & Spirits Announces $3 Million Brokered Private Placement
Diamond Estates Wines & Spirits Announces $3 Million Brokered Private Placement ...
About this update from Diamond Estates Wines & Spirits, Inc.
[{"type":"text","content":"\n\n\n\nDiamond Estates Wines & Spirits Announces $3 Million Brokered Private Placement\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nDiamond Estates Wines & Spirits Announces $3 Million Brokered Private Placement\nCanada NewsWire\nNIAGARA-ON-THE-LAKE, ON, Sept. 27, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n NIAGARA-ON-THE-LAKE, ON, Sept. 27, 2019 /CNW/ - Diamond Estates Wines & Spirits Inc. (\"Diamond Estates\" or \"the Company\") (DWS-TSX Venture) today announced that it has entered into an agreement with Paradigm Capital Inc. (\"Paradigm\") pursuant to which Paradigm, as lead agent, together with a syndicate of agents including Acumen Capital Finance Partners Limited, (collectively with Paradigm, the \"Agents\") pursuant to which the Agents will sell by way of private placement on a marketed best efforts basis, up to 15,800,000 common shares (the \"Common Shares\") of the Company at a price of $0.19 per Common Share for gross proceeds of up to $3 million (the \"Private Placement\").\nThe Company has also granted the Agents an option, exercisable up to 48 hours prior to the closing of the Private Placement, to place up to an additional 2,370,000 Common Shares.\nThe Agents will receive a cash commission equal to 6% of the gross proceeds raised in the Private Placement from non-president's list subscribers, and 3% of the gross proceeds raised in the Private Placement from president's list subscribers.\nThe Private Placement is expected to close on or about October 22, 2019. The Private Placement is subject to regulatory approval, including TSX Venture Exchange acceptance. The Common Shares issued pursuant to the Private Placement will have a hold period of four months and one day from the date of issuance of such Common Shares.\nThe Company intends to use the net proceeds from the Private Placement to fund the expansion of Ontario sales and marketing efforts, the buildout of a winery facility in British Columbia and for general working cap...