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TORONTO, ONTARIO–(Marketwired – June 20, 2016) – SPOT COFFEE (CANADA) LTD. (TSX VENTURE:SPP) (“SPoT” or the “Company”) is pleased to announce that the Company has obtained commitments for a private placement financing (the “Private Placement”) of units (each an “Equity Unit”), which will result in total proceeds of $750,000. Investors under the equity financing will be issued 15,000,000 Equity Units at a price of $0.05 per Equity Unit, with each Equity Unit consisting of one common share of SPoT (a “Common Share”) and one-half of one common share purchase warrant. Each whole warrant issued from the equity financing will entitle the holder to acquire one additional Common Share at a price of $0.075 for a period of 4 years from closing. All of the Common Shares and warrants issued in connection with this financing are subject to a statutory four-month hold period in accordance with applicable securities laws. The Private Placement is subject to the approval of the TSX Venture Exchange.
The capital raised under this financing will be primarily utilized by SPoT to reduce its outstanding loans, convertible debentures, and for working capital which includes ongoing franchise operations.
About SPoT Coffee
SPoT Coffee trades on the TSX Venture Exchange under the symbol SPP. SPoT designs, builds, operates and franchises community oriented cafés and express cafés in New York State. SPoTs community cafés provide its customers with the highest quality service, signature made-to-order meals and award winning micro-roasted coffee. Each SPoT café is distinctively designed to suit its local neighbourhood, creating a warm and friendly gathering place for the community. SPoTs commercial business focuses on the sale of roasted coffee beans to food service and grocery chains, business offices and third party resellers such as universities and hospitals.
Forward Looking Statements
Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except as required by applicable securities requirements, the Corporation undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
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 the release.
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Anton Ayoub
CEO
(416) 368-2220
[email protected]
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Mon, 20 Jun 2016 22:01:15 GMT
