Pacific Ventures Group, Inc. announced that it expects to receive $3 million in funding
December 16, 2019
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Pacific Ventures Group, Inc. (OTCPK:PACV) announced that it has entered into a security agreement with TCA Special Situations Credit Strategies Icav for the private placement of 2 senior secured redeemable debentures at a price of $1,500,000 each for gross proceeds of $3,000,000 on December 17, 2019. The debentures carry an interest rate of 16.5% per annum. The company paid a due diligence fee of $17,500 and a legal fee of $35,000 in the transaction.
Pacific Ventures Group, Inc. is a consumer-centric distribution company focused on food, beverage, and alcohol-related products. Through its portfolio of subsidiaries, the Company delivers specialty groceries, proteins and produce, and products to consumers through wholesale, retail, and direct-to-consumer channels. Its subsidiaries include San Diego Farmers Outlet, Seaport Meat Company, and Snobar Holdings, Inc. (Snobar). San Diego Farmers Outlet is a supplier of fresh fruits and vegetables and specialty groceries for retail customers and wholesale restaurants. Seaport Meat Company manufactures custom processed beef, pork, chicken, lamb, veal and seafood. Its meats are offered in restaurants and butcher shops. SnoBar offers SnoBar Frozen Cocktails, an alcohol infused ice-pops, ice cream and sorbet. SnoBar offers three types of ice-pops namely Margarita, Mojito and Cosmopolitan. SnoBar provides ice cream in a range of flavors, such as grasshopper, pink squirrel, and brandy alexander.
PACIFIC VENTURES GROUP, INC. 