Diamond Estates Wines & Spirits Inc. announced a brokered private placement up to 47,223,000 units at a price of CAD 0.18 per unit to raise gross proceeds of CAD 8,500,000 on best efforts basis on August 5, 2021. Each unit is comprised of one common share and 0.75 share purchase warrant. Each warrant will entitle the holder to acquire an additional common share of the company at an exercise price of CAD 0.22 per share for a period of three years from the closing date of the private placement.

The Company has granted the Agent to sell up to that number of additional Units equal to 15% of the base Financing, at the Issue Price, exercisable up to 48 hours prior to the closing of the Financing. The Units will be sold to accredited investors in Canada and in the U.S. in compliance with applicable securities laws. Certain shareholders and insiders of the Company may participate in the Financing.

All securities issued in connection with the Financing are subject to a four-month hold period from the closing of the transaction. The transaction is subject to TSX Venture Exchange approval.