TORONTO, Dec. 1, 2020 /CNW/ - SPOT COFFEE
(CANADA) LTD. (TSX-V:
SPP) ("SPoT" or the "Company") has previously announced
the receipt of subscriptions in the aggregate principal amount of
$919,575 for Class A Debentures, the
closing of which has been pending (see prior press releases dated
June 12 and April 21, 2020). Following discussion and
agreement with such subscribers (all of whom are at arm's length
vis-à-vis the Company), it has been agreed that the foregoing
advances shall be treated as unsecured loans of the Company rather
than as subscriptions for debentures. Such loans bear
interest at a rate of 6% per annum and mature on the date that
is two (2) years from issuance. The Company will not be proceeding
with the issuance of any Class A Debentures at the present
time.
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.