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Dominion Water Announces Closing of Final Tranche of Private Placement of up to $3,350,000 and Appointment of New CEO, Canadian Business Journal

Not intended for distribution to US Newswire services or for distribution within the United States.

MONTREAL, September 20, 2022 (GLOBE NEWSWIRE) — Dominion Water Reserves Corporation (“DWR” or “Ltd.) (CSE:DWR) is the second and final tranche (“Second tranche”) previously announced unbrokered private placement of up to $3,350,000 (“private placement”) by legal entity (respectively, “unit”) at a price of $100 per unit.

private placement

Combined with the previously announced closing of the first tranche on July 5, 2022, a total of 33,350 units were sold and issued in private placements, bringing total proceeds to $3,335,000.

Under the second tranche, the Company will transfer 30,000 units to 9474-8431 Quebec Inc. (“9474”) and certain co-actors for gross earnings totaling $3,000,000. Each unit consists of 1,250 shares of common stock of the Company’s equity (each,share”) and 125 Common Stock Purchase Warrants (each, “warrant”). Each warrant issued under his second tranche gives the holder the right to purchase one additional share from him for a period of 24 months from the closing date, at an exercise price of $0.08 per share. Following the July 6, 2022 and May 2, 2022 private placement announcements, the exercise price of each warrant has been reduced from $0.10 to $0.08.

Proceeds from the private placement are used by the company for working capital and general corporate purposes.

All securities issued in private placements are subject to a statutory holding period of four months and one day from the closing of each tranche of the private placement, in accordance with applicable securities laws.

The private placement will be made on the Canadian Stock Exchange (“CSE”).

Investor Rights and Appointment of New CEO and Chairman of the Board

In connection with the investment under the second tranche, DWR and 9474 have entered into an Investor Rights Agreement. 9474 thereby gains governance and director nomination rights, including customary anti-dilution, top-up, demand-and-piggyback registration rights, and the right to elect two new directors to certain of the Company’s boards of directors. negotiated (“board”) and appoint a new CEO.

As such, Jermaine Turpin has stepped down from his roles as president, chief executive officer, chief financial officer and chairman of the board. The Corporation thanks Mr. Turpin for his contributions to his role at the Corporation. Mr. Turpin will continue to serve on the Board of Directors.

Olivier Primaux was elected to the Board of Directors and Mr. Primaux was appointed as the new President, Chief Executive Officer and Chairman of the Board. Mr. Primaux is a serial entrepreneur and an influential public figure in Quebec. He is a particularly successful entrepreneur in the ready-to-drink and energy drink markets. His Beach Day Every Day brand is one of the largest ready-to-drink beverages in the Canadian market and is rapidly expanding in the United States.

He is also known as the owner of a popular beach club in Pointe Carme, Quebec, the Metro Metro Festival, the Fuego Fuego Festival, and the Escapade Music Festival, which attracts over 200,000 visitors each year.

“I am extremely proud to embark on this new challenge as DWR Director. It is both an honor and a privilege,” said Primaux.

“I would like to thank Mr. Turpin and the Board for the trust and confidence they have placed in my abilities. I look forward to contributing to the future success of DWR.”

early warning report

The following are provided in connection with submitting an early warning report (seeearly warning report”) Complies with the requirements of National Instrument 62-103 – Early Warning Systems and Associated Takeover Bid and Insider Reporting Issues With respect to the acquisition of 30,000 units by 9474 and certain joint venturers.

9474 is a corporation incorporated under the laws of the province of Quebec with its headquarters at 4628 rue Louis-B.-Mayer, Laval, Quebec, H7P 6E4. 9474 is a holding company and is indirectly owned by Olivier Primaud and Ronnie Messina.

On September 19, 2022, 9474 and certain joint parties acquired 37,500,000 shares and 3,750,000 warrants in the second tranche of the private placement. Prior to the completion of the second tranche of the private placement, neither 9474 nor any joint venture owned, controlled or directed the securities of the Company. Following completion of the second tranche of the private placement, 9474 and certain joint parties’ holdings of DWR common stock represent approximately 27.32% of the outstanding and outstanding common stock on an undiluted basis (137,267,396 outstanding and (based on total common shares outstanding). ), and holdings of warrants represent approximately 29.25% of common stock outstanding on a partially diluted basis, assuming the exercise of 3,750,000 warrants.

Shares and warrants were acquired by 9474 and its associates for investment purposes. 9474 and its affiliates may increase or decrease their beneficial ownership in the Company’s securities as they deem appropriate, depending on market or other circumstances.

An early warning report containing additional information regarding the foregoing may be filed under our profile for SEDAR at www.sedar.com.To obtain a copy of the Early Warning Report, call 609-1188 Avenue Union, Montreal, Quebec, H3B 0E5 or [email protected]

About Dominion Water Reserves Corporation

DWR’s operations are based in Quebec and its main business is to consolidate the water industry by obtaining freshwater spring permits and developing operations throughout Quebec with plans to expand across North America. DWR currently manages more than 30% of Quebec’s licensed freshwater groundwater reserves and is strategically positioned to increase its holdings. DWR’s mission is to acquire, manage and develop spring water assets to build critical mass in terms of production capacity and strategically secure a leadership role in freshwater in North America. The Corporation prioritizes sustainability and respect for the environment.

The corporate headquarters are located at 609 – 1188 avenue Union, Montreal, Quebec, H3B 0E5.

For more information or to obtain a copy of the Early Warning Report, please contact:
Jean Gosselin
Phone: 514-707-0223
Email: [email protected]

Neither CSE nor its regulatory service providers are responsible for the adequacy or accuracy of this release.

Dominion Water Announces Closing of Final Tranche of Private Placement of up to $3,350,000 and Appointment of New CEO, Canadian Business Journal
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Dominion Water Announces Closing of Final Tranche of Private Placement of up to $3,350,000 and Appointment of New CEO, Canadian Business Journal

Source link Dominion Water Announces Closing of Final Tranche of Private Placement of up to $3,350,000 and Appointment of New CEO, Canadian Business Journal

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