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  • Diamond Estates Wines & Spirits (DWS) has completed a non-brokered private placement of $1.83 million in unsecured convertible debentures
  • The debentures bear interest of 10.0% per annum
  • The debentures will mature on July 2, 2023, unless the holder requests to accelerate the maturity date
  • Proceeds will be used for general working capital purposes
  • Diamond Estates Wines and Spirits Inc. is a producer of high-quality wines and a sales agent for over 120 beverage alcohol brands across Canada
  • Diamond Estates Wines & Spirits (DWS) is up 2.7 per cent, trading at C$0.19 per share at 4:26 pm ET

Diamond Estates Wines & Spirits (DWS) has completed a non-brokered private placement for $1.83 million of 10.0 per cent unsecured convertible debentures.

The placement was with company insiders including Lassonde Industries Inc. and Oakwest Corporation Limited.

The debentures bear interest of 10.0 per cent per annum, calculated monthly.

The debentures will mature on July 2, 2023, unless the holder requests to accelerate the maturity date in the event the company completes an equity financing for gross proceeds of $2 million or more within the next 12 months.

The debentures are convertible from the date of issuance until the maturity date at a conversion price of $0.185. The holder has the option to convert at the conversion price or to roll the obligations over into new one-year debentures, on similar terms to be negotiated. The debentures are also redeemable at the company's option, subject to an early redemption fee.

All securities issued are subject to a four-month hold period expiring October 11, 2021.

Proceeds will be used for general working capital purposes.

Diamond Estates Wines and Spirits Inc. is a producer of high-quality wines and a sales agent for over 120 beverage alcohol brands across Canada.

The company operates two wineries, one in Ontario and one in British Columbia, that produce predominantly VQA wines under such well-known brand names as 20 Bees, EastDell, Lakeview Cellars, Dan Aykroyd, Fresh, McMichael Collection, Seasons, Serenity, and Backyard Vineyards.

Diamond Estates Wines & Spirits (DWS) is up 2.7 per cent, trading at C$0.19 per share at 4:26 pm ET.

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