Diamond Estates Wines & Spirits (DWS.V) entered into an unsecured advance agreement with Lassonde Industries Inc. (LAS-A.TO), pursuant to which Lassonde agreed to provide the company with an unsecured advance in the principal amount of $1 million, the company said.
The advance bears interest at the prime rate of the Bank of Montreal plus 2.25% per annum and matures on June 30. The advance is also unsecured and subordinated to the company's secured indebtedness.
The company said the additional working capital support is intended to assist it with ongoing growth initiatives and seasonal working capital needs.
Shares of Diamond Estates Wines & Spirits closed up 3.6% to $0.145 on Friday on the TSX Venture Exchange.