TORONTO, Ontario – SPoT Coffee (Canada) LTD. (TSX-V: SPP) (“SPoT” or the “Company”) is pleased to announce completion of its previously announced non-brokered private placement offering of 1,650,000 common shares (each a “Common Share”) at a price of C$0.05 per Common Share for aggregate gross proceeds of C$82,500.
The proceeds raised under this financing are expected to be used exclusively to fund an application by the Company to cross-list its Common Shares on the OTCQB stock exchange.
All of the Common Shares issued in connection with this financing are subject to a statutory four-month hold period in accordance with applicable securities laws, which will expire on June 7, 2023.
The sole subscriber under this offering is an insider of the Company.
Such subscription is considered to be a related party transaction and is therefore subject to the provisions of Multilateral Instrument 61-101 – “Protection of Minority Security Holders in Special Transactions”, however exemptions are available from the minority shareholder approval and valuation requirements set forth in the foregoing Multilateral Instrument.
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.