Premier Diversified Holdings Inc. Amends Loan Agreements, Announces New Director and Receives Funds From Arcola Real Estate
27 November 2021 - 2:00AM
Amended Loan Agreements with MPIC Fund
I, LP ("MPIC")
Premier Diversified Holdings Inc.
("Premier" or the "Company")
(TSXV: PDH) entered into certain loan agreements with MPIC on
September 1, 2020, October 7, 2020, October 23, 2020 and November
20, 2020 with an aggregate principal amount of US$420,000. These
loans were supposed to mature on, respectively, September 1, 2021,
October 8, 2021, October 22, 2021 and November 20, 2021. MPIC and
Premier agreed to extend the maturity dates to, respectively
September 1, 2022, October 8, 2022, October 22, 2022 and November
22, 2022.
New Director Appointment and Stock
Option Grant
Premier announces that, subject to TSXV
approval, Eric Tsung has joined the board of Premier effective
November 23, 2021. Mr. Tsung has over 15 years of experience in
financial services and consulting. 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 principal of a
professional services firm and provides Chief Financial Officer,
Controller and day-to-day accounting support services to private
and public companies in Canada and the United States. He is now
serving as Chief Financial Officer of Eco Oro Minerals Corp. (CSE:
EOM) and several private companies which are seeking to be listed
in Canada. Mr. Tsung was also the controller of a multinational
public company listed on the OTC. He previously served as VP,
Finance of Premier but has resigned his position to take on a
director role.
Mr. Tsung is a Chartered Professional Accountant
(CPA, CGA), Association of Chartered Certified Accountants (FCCA)
(UK), and holds a Masters in Business Administration (MBA).
Subject to stock 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 Company’s stock option plan. The Options will have a term of
five years from November 25, 2021 (the "Term"). One-third will vest
on the date of grant; one-third will vest on the first anniversary
of the date of grant; and one-third will vest on the second
anniversary of the date of grant.
Premier has in place a rolling 10% stock option
plan, as approved annually 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 outstanding shares at date of
grant, which is currently 471,068. Premier currently has 130,000
outstanding options and last granted options 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 holds an interest in the Arcola Project,
a townhouse development located in Burnaby, B.C. (a suburb outside
of Vancouver, B.C.). Construction on the project has concluded and
Arcola distributed $450,000 to Premier in two installments paid in
September and October 2021. The funds distributed were subject to a
10% holdback, as per requirements of the City of Burnaby, which
Arcola has advised will be distributed to project investors in
February 2022.
About Premier Diversified Holdings
Inc.
Premier Diversified Holdings Inc. participates
in diversified industries through its acquisitions of securities
and/or assets of public and private entities which it believes have
potential for significant returns. It may act as a holding company
(either directly or through a subsidiary) and may participate in
management of subsidiary entities to varying degrees.
On behalf of the Board of Directors
"Sanjeev Parsad"
Sanjeev ParsadPresident, CEO and Director
Neither 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 shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of the securities in any jurisdictions in which such
offer, solicitation or sale would be unlawful. Any offering made
will be pursuant to available prospectus exemptions and restricted
to persons to whom the securities may be sold in accordance with
the laws of such jurisdictions, and by persons permitted to sell
the securities in accordance with the laws of such
jurisdictions.
Further information regarding the Company can be
found on SEDAR at www.sedar.com.
Not for dissemination in the United States of
America.
Legal Notice Regarding Forward-Looking
Statements: This news release contains "forward-looking statements"
within the meaning of applicable Canadian securities legislation.
Forward-looking statements are indicated expectations or
intentions. Forward-looking statements in this news release include
statements regarding maturity dates and payment of funds by Arcola.
Factors that could cause actual results to be materially different
include but are not limited to the following: that any revenue
which PDH makes indirectly via its operating subsidiaries or
through return of funds by Arcola will be insufficient to repay the
loans to MPIC, that the terms and conditions of the various loans
may be amended, that the management or board of PDH may use its
revenue or other the funds for other purposes, that the capital
raised will be insufficient capital to accomplish our intentions
and capital alone may not be sufficient for us to grow our
business, that the issuer's financial position will not improve,
will stay the same or will decline further, that the timing of
receipt of anticipated revenues or returns may be delayed, that its
ongoing expenses including general and administrative expenses will
increase and that complications or unforeseen obstacles from
COVID-19 or other factors may negatively impact Premier. Investors
are cautioned against placing undue reliance on forward-looking
statements. It is not our policy to update forward-looking
statements.
For further information, contact:
Sanjeev Parsad, President and CEO
Phone: (604) 678.9115
Fax: (604) 678.9279
E-mail: sparsad@pdh-inc.com
Web: www.pdh-inc.com
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