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Diamond Estates Wines & Spirits Reports Fiscal 2019 Financial Results and Announces Strategic Relationship with Lassonde Industries
Diamond Estates Wines & Spirits Reports Fiscal 2019 Financial Results and Announces St...
About this update from Diamond Estates Wines & Spirits, Inc.
[{"type":"text","content":"\n\n\n\nDiamond Estates Wines & Spirits Reports Fiscal 2019 Financial Results and Announces Strategic Relationship with Lassonde Industries\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 Reports Fiscal 2019 Financial Results and Announces Strategic Relationship with Lassonde Industries\nCanada NewsWire\nNIAGARA-ON-THE-LAKE, ON, July 29, 2019\n\n\n\nLassonde acquires 19.9% interest in Diamond Estates and enters into commercial agreement\n NIAGARA-ON-THE-LAKE, ON, July 29, 2019 /CNW/ - Diamond Estates Wines & Spirits Inc. (\"Diamond Estates\" or \"the Company\") (DWS-TSX Venture) today announced its financial results for the three and 12-month periods ended March 31, 2019 (\"Q4 2019\" and \"FY 2019\" respectively).  \nThe Company is also pleased to announce that it has entered into a strategic relationship with Lassonde Industries Inc. (\"Lassonde\") (LAS.A-TSX), a North American leader in the development, manufacture and sale of a wide range of beverages. As part of the strategic relationship, Lassonde purchased 36.9 million Diamond Estates common shares at a price of $0.19 per common share, resulting in gross proceeds of approximately $7.0 million (the \"Private Placement\"). The Company intends to deploy the net proceeds in support of its growth strategies, including the expansion of sales volumes in the emerging Ontario grocery channel and the development of a new winery in British Columbia's Okanagan Valley. The issue price represents a premium of 18.8% to the closing price of the Company's common shares on July 26, 2019. As a result of the Private Placement, Lassonde became an insider of Diamond Estates, holding 19.9% of the common shares of the Company. Lassonde and Diamond Estates have also entered into an investor rights agreement providing for Lassonde's right to nominate two of seven directors to a Board of Directors to be reconstituted, as well as certain anti-dilution and registration rights and governance matters. \nIn connection with the Private Placement, Diamond Estates has ...