TORONTO, Ontario, Canada – SPOT COFFEE (CANADA) LTD. (TSX VENTURE:SPP) (“SPoT” or the “Company”) announces the closing of its previously announced issuance of units (each a “Unit”) at a price of C$0.05 per Unit.
An aggregate of 14,146,600 Units have been issued by way of a non-brokered private placement financing for aggregate gross proceeds of $707,330.
A further 848,900 Units have been issued by way of a Shares-for-Debt submission in accordance with TSX Venture Exchange rules and policies pursuant to which outstanding indebtedness in the aggregate amount of $42,445 has been retired.
Each Unit consists of one common share of SPoT (a “Common Share”) and one-half of one common share purchase warrant (a “Warrant”).
Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $0.075 for a period of 4 years.
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, which will expire on October 31, 2016.
The proceeds raised under the foregoing non-brokered financing are expected to be primarily utilized by SPoT to reduce its outstanding loans, convertible debentures, and for working capital which includes ongoing franchise operations
