Business
Lassonde Industries Inc. Acquires Common Shares in Diamond Estates Wines & Spirits Inc.
Lassonde Industries Inc. Acquires Common Shares in Diamond Estates Wines & Spirits Inc...
About this update from Lassonde Industries, Inc. Class A
[{"type":"text","content":"\n\n\n\nLassonde Industries Inc. Acquires Common Shares in Diamond Estates Wines & Spirits Inc.\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\n\n\n\n\n\nLassonde Industries Inc. Acquires Common Shares in Diamond Estates Wines & Spirits Inc.\nCanada NewsWire\nROUGEMONT, QC, July 29, 2019\n\n\n\nROUGEMONT, QC, July 29, 2019 /CNW Telbec/ - Lassonde Industries Inc. (TSX: LAS.A) (Lassonde or the Company) reports that it has acquired 36,900,000 common shares (Common Shares) in the capital of Diamond Estates Wines & Spirits Inc. (Diamond Estates) by way of a private placement (the Private Placement) at a price of $0.19 per Common Share for aggregate proceeds of approximately $7,011,000 pursuant to the terms of a subscription agreement (Subscription Agreement) entered into with Diamond Estates on the date hereof. The head office of Diamond Estates is located at 1067 Niagara Stone Road. Niagara-on-the-Lake, Ontario, L0S 1J0. \nImmediately prior to the completion of the Private Placement, Lassonde did not hold any Common Shares. Immediately following the completion of the Private Placement, Lassonde held approximately 19.9% of the issued and outstanding Common Shares as at such time. \nThe Private Placement was completed for business and investment purposes. Depending on market conditions and other relevant factors, Lassonde may, in the future, increase or decrease its ownership in Diamond Estates, directly or indirectly. \nIn connection with the Private Placement, Lassonde and Diamond Estates entered into an investor rights agreement (the Investor Rights Agreement), pursuant to which Lassonde was granted certain nomination, anti-dilution, registration, and governance rights. \nLassonde will have the right to designate two (2) nominees out of a total of seven (7) to the Diamond Estates board so long as the number of Common Shares beneficially owned or controlled by Lassonde represents at least 15% or more of the Common Shares. If at any time Lassonde beneficially owns or controls less than 15% but more than 10% of the Common Shares, Lassonde will have the right to designate one...