SPoT Coffee Closes $750,000 Financing: Proceeds Fund New Cafes
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/03/11 -- SPOT COFFEE (CANADA) LTD. (TSX VENTURE: SPP) ("SPoT" or the "Company") is pleased to announce the Company has closed a $750,000 financing with the proceeds available to fund the Company's new cafe expansion program. The sole investor of the financing is Toronto-based Curvature Fund, through its related entities, participating at a price of $ 1.00 per unit (each, a "Unit") and subscribing for an aggregate of 750,000 Units. Each Unit consists of a $1.00 par value secured subordinated promissory note (each, a "Note") and two common share purchase warrants (each, a "Warrant"). The Notes have a 5 year term and a semi annual coupon equivalent to 9 % annualized interest on the principal amount thereof and each Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.18 for a period of five years from closing. This financing is subject to final approval by the TSX Venture Exchange.
The capital will be utilized by SPoT to fund two additional cafes as the Company moves closer to having its first ten cafes.
"Curvature is excited to partner with SPoT Coffee in their expansion and drive to profitability," commented James Hodgins, Chief Investment Officer of Curvature Fund.
SPoT anticipates accelerated growth during 2012, leveraging its existing operating infrastructure in Western New York, Southern Ontario and Florida before a broader North American and international expansion commences. The Company is currently evaluating several locations for its ninth and tenth cafes.
ABOUT SPoT
SPoT () designs, builds and operates community-oriented cafes that provide its customers from every lifestyle and culture with the highest quality service, signature light meals and in-house roasted gourmet coffee. The current SPoT management team and directors have been successfully operating company-owned cafes since 2004.
Each SPoT cafe is a popular and friendly gathering place for its community where specialty coffee, upscale beverages, fresh baked goods, signature sandwiches, soups, salads and gourmet pizza, cakes, pastries and home baked goods are offered and enjoyed by its patrons in a warm, friendly and home-like environment.
The Company currently operates six cafes that range in size from 2,000 to in excess of 4,000 sq. ft. with two more cafes currently under development. Spot is currently evaluating several locations as part of its North American expansion.
Unlike other conventional gourmet coffee houses and quick service restaurants that are built on uniformity of product and style, each SPoT cafe maintains several unique and key features, including:
Forward Looking Statements
Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. 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. Except as required by applicable securities requirements, the Corporation 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.
Contacts:
SPoT Coffee (Canada) Ltd.
Lindsay Cross
Investor Relations Manager
(416) 368-2220
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Datum: 03.08.2011 - 12:30 Uhr
Sprache: Deutsch
News-ID 41320
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TORONTO, ONTARIO
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Beverages
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