An undisclosed buyer agreed to acquire Queenston Mile Vineyard from Diamond Estates Wines & Spirits Inc. (TSXV:DWS) for CAD 4.4 million on January 17, 2024. The Company has agreed to a purchase price of approximately CAD 4.4 million for the real estate, chattels, equipment and inventory. The purchase price includes a CAD 500,000 vendor take-back mortgage and an agreement to acquire approximately CAD 400,000 of finished goods inventory on a cost plus basis.

As part of the Company?s debt reduction strategy the proceeds of the sale will be utilized to reduce working capital and long-term debt. The transaction is expected a closing date of February 15, 2024. On closing the Company received net proceeds of CAD 3.7 million, comprising of CAD 3.2 million in cash and a vendor take-back mortgage of CAD 0.5 million.