Diamond Estates Wines & Spirits Inc. announced that it has signed non-binding term sheet and non-brokered private placement with returning investor Lassonde Industries Inc. to issue 20,000,000 common shares at an issue price of CAD 0.45 per unit for the gross proceeds of CAD 9,000,000 on August 16, 2023. The investor would subscribe for 18,333,333 shares at an issue price of CAD 0.45 per share for the gross proceeds of CAD 8,249,999.85 and converting the CAD 750,000 principal amount under the advance agreement between the Company and Lassonde Industries.