SPoT Coffee Closes Debenture Financing: Proceeds Fund New Cafes
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 04/20/12 -- SPOT COFFEE (CANADA) LTD. (TSX VENTURE: SPP) ("SPoT" or the "Company") is pleased to announce the Company has closed a $250,000 debenture financing with the proceeds available to fund the Company's new cafe expansion program. The sole investor of the financing is Toronto-based Curvature Fund, participating at a price of $1.00 per unit (each a "Unit") and subscribing for 250,000 total Units. Each Unit consists of a $1.00 par value note (a "Note") and two common share purchase warrants (each a "Warrant"). The Note represents a $250,000 5-year 9% secured subordinated promissory note and each Warrant entitles Curvature Fund to acquire one additional common share of the Company at a price of $0.25 for a period of five years from closing.
The capital will be utilized by SPoT to assist with the funding of the Company's ongoing new cafe expansion program which includes SPoT Park Place in North York, Toronto and SPoT Transit Road in Buffalo, New York scheduled to open this summer.
SPoT is also announcing that it is presently arranging a non-brokered equity private placement for total proceeds of up to $1,000,000 at a price of $0.20 per unit (each an "Equity Unit"). Each Equity Unit will consist of one common share in the capital of SPoT (a "Common Share") and one-half of one common share purchase warrant (each an "Equity Warrant"). Each whole Equity Warrant will entitle the holder to acquire one additional Common Share at a price of $0.30 for a period of three years from closing. The Common Shares and Equity Warrants issued in connection with the private placement will be subject to a statutory four-month hold period in accordance with applicable securities laws. This financing is subject to final approval by the TSX Venture Exchange.
The proceeds of the equity private placement will also be applied for the development of new SPoT cafes this year in Saratoga Springs, Albany, Syracuse and Ithaca, New York. The Company is actively engaged at the present time in securing prime locations for its intended growth in this vibrant part of Upstate New York.
About SPoT
SPoT () designs, builds and operates community-oriented cafes that provide its customers from every lifestyle and culture with the highest quality service, signature light meals and in- house roasted gourmet coffee. The current SPoT management team and directors have been successfully operating company-owned cafes since 2004.
Each SPoT cafe is a popular and friendly gathering place for its community where specialty coffee, upscale beverages, fresh baked goods, signature sandwiches, soups, salads and gourmet pizza, cakes, pastries and home baked goods are offered and enjoyed by its patrons in a warm, friendly and home-like environment.
The Company currently operates seven cafes that range in size from 2,000 to in excess of 4,000 sq. ft. with three more cafes currently under development. SPoT is currently evaluating several locations as part of its North American expansion.
Unlike other conventional gourmet coffee houses and quick service restaurants that are built on uniformity of product and style, each SPoT cafe maintains several unique and key features, including:
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.
Contacts:
SPoT Coffee (Canada) Ltd.
Lindsay Cross
Investor Relations Manager
(416) 368-2220
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Datum: 20.04.2012 - 10:10 Uhr
Sprache: Deutsch
News-ID 1105514
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