Forbidden Spirits Distilling Corp. announced a non-brokered private placement of 10,000,000 units at a price of CAD 0.075 per Unit for aggregate gross proceeds of up to CAD 750,000 on July 4, 2022. Each Unit to be comprised of one common share in the capital of the Company and one Common Share purchase warrant.

Each Warrant will entitle the holder to acquire one additional Common Share at a price of CAD 0.15 for a period of two years from the Closing Date. The transaction is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The Common Shares and the Warrants comprising the Units and any Warrant Shares issuable upon exercise of the Warrants, will be subject to a statutory hold period lasting four months and one day following the Closing Date.