SPOT COFFEE (CANADA) LTD. is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement for total proceeds of $375,000 at a price of $0.05 per unit (each an “Equity Unity”).
Equity Unit consists of one common share of SPoT (a “Common Share”) and one half of one common share purchase warrant (a “Warrant”).
Each whole Warrant entitles the holder to acquire one additional Common Share at a price of $0.075 for a period of four years from closing.
All of the Common Shares and warrants issued in connection with this financing are subject to a statutory four-month hold period in accordance with applicable securities laws.
The Company also announces the grant of an aggregate of 1,209,994 options to acquire SPoT common shares at a price of $0.05 per common share to certain officers, directors, employees and consultants of the Company.
These options will vest in twelve equal installments beginning the month of the grant. The options expire on the earlier of their fifth anniversary date or the time the optionees cease to serve as officers, directors or employees of the Company.