SPoT Coffee Announces Ongoing Equity Financing
TORONTO, March 15, 2021 /CNW/ – CAFÉ ON SITE (CANADA) LTD. (TSXV: SPP) (“SPoT” or the “Company”) is pleased to announce that its previously announced non-brokered private placement offering of up to 10,000,000 Units (each a “Unit”) at a price of CA$0.05 per unit for aggregate gross proceeds of up to C$500,000 is in progress. Each Unit will consist of one common share of SPoT (a “Common Share”) and one-half common share purchase warrant (a “Warrant”). Each whole warrant issued under this equity financing will entitle its holder to purchase one additional common share at a price of $0.075 for a period of twenty-four months from the initial closing date. The Warrants will include an acceleration clause to the effect that if, at any time, the closing price of the Common Shares on the TSX Venture Exchange is $0.09 or more for a period of thirty (30) consecutive days, the Company shall have the right to inform all holders of Warrants of its intention to force the exercise of the Warrants and to issue a press release to that effect, following from which the holders of Warrants will have a period of thirty (30) days from the date of the press release to exercise the Warrants. All common shares and warrants issued in connection with this financing will be subject to a statutory hold period of four months in accordance with applicable securities laws. The closing of this private placement is expected to occur in one or more tranches and is subject to the approval of the TSX Venture Exchange.
The proceeds raised under this financing should be used for the following purposes:
(i) Support and expand the Company’s 2021 franchise program.
(ii) Redeem a portion of the Company’s outstanding debentures.
(iii) For general working capital purposes.
About SPoT Coffee
SPoT Coffee designs, builds and operates company-owned and franchised community cafes in the Northeast United States for over 25 years. SPoT cafes offer their customers the highest quality service, made-to-order meals and award-winning micro-roasted coffee. Each SPoT cafe is designed specifically to fit the local neighborhood, creating a warm and friendly gathering place for the community. SPoT’s business activity focuses on the sale of roasted coffee beans to restaurant and grocery chains, business offices and resellers such as universities and hospitals.
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Except for statements of historical facts about 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. Accordingly, there can be no assurance that the actual results achieved will be the same, in whole or in part, as those set forth in the forward-looking information.
Forward-looking statements are based on the opinions and estimates of management as of the date they are made, and are subject to a variety of risks and uncertainties and other factors that could cause events or actual results differ materially from those projected in the forward-looking statements. – look at the statements. The forward-looking information contained in this press 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. Readers are cautioned not to place undue reliance on forward-looking statements.
Neither the 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 Cafe (Canada) Ltd.
For more information: [email protected] or John Lorenzo, CEO (416)368-2220 ext. 221