TORONTO, Canada – SPoT Coffee (CANADA) LTD. (TSX-V: SPP) 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.