SPoT Coffee Announces and Closes Financing for Proceeds of $1,400,000
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 07/16/13 -- SPOT COFFEE (CANADA) LTD. (TSX VENTURE: SPP) ("SPoT" or the "Company") is pleased to announce that the Company has closed a non-brokered private placement of secured convertible debentures (each, a "Convertible Debenture"). The Company issued an aggregate of $1,400,000 principal amount of Convertible Debentures. The Convertible Debentures bear interest at a rate of 9% per annum and will mature three years after their date of issue. The principal amount of each Convertible Debenture is convertible, at the option of the holder, into common shares of the Company at any time before maturity at a conversion rate of $0.18 per common share.
All of the securities issued in connection with this financing are subject to a statutory four-month hold period in accordance with applicable securities laws. This hold period will expire on November 17, 2013.
SPoT will employ the proceeds from this financing to fund its 2013 cafe development program, including the construction and opening of the upcoming SPoT Glens Falls and SPoT Orchard Park cafe locations. SPoT Glens Falls, which is currently undergoing leasehold improvements, is projected to be open for its community in Q4 2013. SPoT Orchard Park, which will be housed in a historical building in the center of Orchard Park, NY, will be fully constructed and operational in early 2014.
About SPoT Coffee
SPoT trades on the TSX Venture Exchange under the symbol SPP. SPoT designs, builds and operates community oriented cafes that provides its customers with the highest quality service, signature made-to order meals and the world's finest in-house roasted gourmet coffee. Each SPoT cafe is distinctively designed to meet the uniqueness of the local neighborhood, creating a warm and friendly gathering place for the community. SPoT's commercial business focuses on retail stores, business accounts and third party resellers such as universities and hospitals.
Forward Looking Statements
Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the proposed use of proceeds from the financing. 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.
Contacts:
SPoT Coffee
Michael Lorenzo
Shareholder Communications
(416) 368-2220
SPoT Coffee
David Freeman
Corporate Development
(416) 368-2220
SPoT Coffee
Anton Ayoub
CEO
(416) 368-2220
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Datum: 16.07.2013 - 13:46 Uhr
Sprache: Deutsch
News-ID 1245987
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