TORONTO, Canada – SPOT COFFEE announces that its previously announced conversion of $75,000 of principal amount under the terms of two convertible debentures (in the aggregate principal amount of $150,000) has been increased, as the holder of these debentures has agreed to convert the full principal amount of these debentures ($150,000) into common shares of the Company at a price of $0.18 per share.
Upon completion of this conversion, the convertible debentures will be fully settled and the Company will have no outstanding liabilities thereunder.
The foregoing Shares for Debt transaction is subject to approval by the TSX Venture Exchange.
All of the foregoing shares will, upon issuance, be subject to a statutory four-month hold period in accordance with applicable securities laws.
The Company also notes that the previously announced extension of share purchase warrants will not be proceeding.
“The increase of this conversion of debt into equity is a further positive statement of support by one of our significant stakeholders” said Anton Ayoub, Chief Executive Officer of SPoT Coffee, “We appreciate this additional support and look forward to further rewarding our loyal shareholders with continued debt reduction and corporate growth.”
