TORONTO, Ontario, Canada – 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.
