TORONTO, March 15, 2021 /CNW/ - SPOT COFFEE
(CANADA) LTD. (TSXV:
SPP) ("SPoT" or the "Company") is pleased to report
that its previously announced non-brokered private placement
offering of up to 10,000,000 units (each a "Unit") at a price of
C$0.05 per Unit for aggregate gross
proceeds of up to C$500,000 is
ongoing. Each Unit will consist of one common share of SPoT
(a "Common Share") and one-half of one common share purchase
warrant (a "Warrant"). Each whole Warrant issued under this equity
financing will entitle the holder to acquire one additional Common
Share at a price of $0.075 for a
period of twenty-four months from the initial closing date. The
Warrants will include an acceleration clause to the effect that if
at any time the closing trading price of the Common Shares on the
TSX Venture Exchange is $0.09 or more
for a period of thirty (30) consecutive days, the Company will be
entitled to notify all holders of Warrants of its intention to
force the exercise of the Warrants and to issue a press release to
such effect, following which the holders of Warrants shall have
thirty (30) days from the date of the press release to exercise the
Warrants. All Common Shares and Warrants issued in connection with
this financing will be subject to a statutory four-month hold
period in accordance with applicable securities laws. Closing of
this private placement is expected to occur in one or more tranches
and is subject to receipt of approval from the TSX Venture
Exchange.
The proceeds raised under this financing are expected to be used
for the following purposes:
(i) To support and expand the Company's
2021 franchise program.
(ii) To pay off a portion of the Company's outstanding
debentures.
(iii) For general working capital purposes.
About SPoT Coffee
SPoT Coffee has been designing, building and operating
company-owned and franchise community cafés in the northeastern
United States for over 25 years.
SPoT's cafés provide their customers with the highest quality
service, signature made-to-order meals and award-winning
micro-roasted coffee. Each SPoT café is designed specifically to
suit the local neighbourhood, creating a warm and friendly
gathering place for the community. SPoT's commercial business
focuses on the sale of roasted coffee beans to food service and
grocery chains, business offices, and resellers such as
universities and hospitals.
We seek Safe Harbor.
Forward Looking Statements
Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
forward-looking statements. Although we believe that the
expectations reflected in the forward-looking information are
reasonable, there can be no assurance that such expectations will
prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information.
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.
The forward-looking information contained in this news release is
expressly qualified by this cautionary statement. Except as
required by applicable securities laws, the Company 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.
SOURCE Spot Coffee (Canada)
Ltd.
