TORONTO, June 12, 2020 /CNW/ - SPOT COFFEE
(CANADA) LTD. (TSXV:
SPP) ("SPoT" or the "Company") is pleased to announce
that its previously announced offering of Class A Debentures is
ongoing. The Company has received subscriptions for an aggregate
principal amount of $919,575 and
expects to complete the offering prior to June 25, 2020. Each such Class A Debenture
shall have the following characteristics:
- bearing interest at a rate of 6% per annum;
- term of two (2) years from issuance;
- principal amount convertible at maturity into common shares at
a price of $0.12 per common share;
and
- interest portion convertible at the market price on the date of
conversion.
The Company also announces that it does not presently intend to
issue a second class of debentures (previously referred to as Class
B Debentures) due to the COVID-19 pandemic and global financial
crisis.
The Company is pleased to announce the appointment of
Randy Koroll as Chief Financial
Officer. Mr. Koroll is an experienced Chief Financial Officer
with over 30+ years in the accounting industry. He has a
demonstrated history of successfully taking companies public on the
TSX-V and guiding companies out of financial distress. His
experience ranges from current position as CFO for an Aerospace
company to positions in Orthotics manufacturing with distribution
through clinics in Ontario and
Quebec, mining industry, finance
and airlines/aviation industries. He also has served a member of
several company Board of Directors. He is skilled in Investor
Relations, Corporate Accounting, IPO, Corporate Development, and
Mergers & Acquisitions.
About SPoT Coffee
SPoT Coffee has been designing, building and operating
company-owned and franchise community cafés in the northeastern
United States for over 25 years.
SPoT's cafés provide their customers with the highest quality
service, signature made-to-order meals and award-winning
micro-roasted coffee. Each SPoT café is distinctively
designed to suit the local neighbourhood, creating a warm and
friendly gathering place for the community. SPoT's commercial
business focuses on the sale of roasted coffee beans to food
service and grocery chains, business offices, and resellers such as
universities and hospitals.
We seek Safe Harbor.
Forward Looking Statements
Except for statements of historical fact relating to the
Company, certain information contained herein constitutes
forward-looking statements. 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.
SOURCE Spot Coffee (Canada)
Ltd.