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VANCOUVER, British Columbia, November 26, 2021 (GLOBE NEWSWIRE) –
Amended loan agreements with MPIC Fund I, LP (“MPIC”)
Premier Diversified Holdings Inc. (“First“or the”Society“) (TSXV: PDH) entered into certain loan agreements with MPIC on September 1, 2020, October 7, 2020, October 23, 2020 and November 20, 2020 with a total principal amount of US $ 420,000. These loans were scheduled to arrive due on September 1, 2021, October 8, 2021, October 22, 2021 and November 20, 2021, respectively. MPIC and Premier have agreed to extend the due dates respectively to September 1, 2022, October 8, 2022, October 22, 2022 and November 22, 2022.
Appointment of a new director and grant of stock options
Premier announces that, subject to TSX Venture Exchange approval, Eric Tsung has joined Premier’s Board of Directors effective November 23, 2021. Mr. Tsung has over 15 years of financial services experience and advice. He has developed extensive experience in internal and external financial reporting, operations, mergers and acquisitions (M&A), public and private financing.
Currently, Mr. Tsung is a director of a professional services firm and provides CFO, controller and day-to-day accounting support services to private and public companies in Canada and the United States. He is currently the Chief Financial Officer of Eco Oro Minerals Corp. (CSE: EOM) and several private companies wishing to be listed in Canada. Mr. Tsung was also the controller of a multinational public company listed on the OTC. He previously served as Premier’s vice president, finance, but resigned to take on the role of director.
Mr. Tsung is a Chartered Professional Accountant (CPA, CGA), Association of Chartered Certified Accountants (FCCA) (UK) and holds a Masters of Business Administration (MBA).
Subject to exchange approval, Premier will grant Mr. Tsung 8,000 options (“options”) to purchase common shares of the Company at an exercise price of $ 0.47 per share pursuant to the Plan. company stock options. The options will have a term of five years from November 25, 2021 (the “Term”). A third will be acquired on the grant date; one third will vest on the first anniversary of the grant date; and one-third will vest on the second anniversary of the grant date.
Premier has implemented a 10% stock option plan, as approved each year by shareholders at its annual general meeting. The total number of listed shares reserved for issuance under the plan is based on 10% of the shares outstanding on the grant date, ie currently 471,068. Premier currently has 130,000 options outstanding and the last options granted in December 2020. With the proposed grant, a total of 333,068 options remain available for grant under the plan.
Update on Arcola real estate development
Premier owns an interest in the Arcola Project, a townhouse development located in Burnaby, British Columbia (a suburb outside of Vancouver, British Columbia). Construction on the project is complete and Arcola distributed $ 450,000 to Premier in two installments paid in September and October 2021. Funds distributed were subject to a 10% holdback, in accordance with City of Burnaby requirements, which Arcola says , will be distributed to project investors in February 2022.
About Premier Diversified Holdings Inc.
Premier Diversified Holdings Inc. participates in diversified sectors through its acquisitions of securities and / or assets of public and private entities which it believes have significant return potential. It can act as a holding company (either directly or through a subsidiary) and can participate to varying degrees in the management of subsidiary entities.
On behalf of the board of directors
President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of securities in jurisdictions in which such an offer, solicitation or sale would be illegal. Any offer made will be under available prospectus exemptions and limited to persons to whom the securities may be sold in accordance with the laws of those jurisdictions, and by persons authorized to sell the securities in accordance with the laws of those jurisdictions.
Further information relating to the Company is available on SEDAR at www.sedar.com.
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Legal Notice Regarding Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements are stated expectations or intentions. The forward-looking statements contained in this press release include statements regarding due dates and the payment of funds by Arcola. Factors that could cause actual results to differ materially include, but are not limited to, the following: Income that PDH earns indirectly through its operating subsidiaries or through the return of funds by Arcola will be insufficient to reimburse the costs. loans to MPIC, that the terms and conditions of the various loans may be changed, that the management or board of directors of PDH may use its income or other funds for other purposes, that the capital raised will be insufficient for to accomplish our intentions and that capital alone may not be enough for us to grow our business, that the financial condition of the issuer will not improve, stay the same or decline more, than the time of receipt of the income or anticipated returns could be delayed, that its current expenses, including general and administrative expenses, will increase, and complications or impediments arise. seen due to COVID-19 or other factors may have a negative impact on Premier. Investors are cautioned not to place undue reliance on forward-looking statements. Our policy is not to update any forward-looking statements.