TORONTO, ONTARIO--(Marketwire - Nov. 22, 2011) - SPOT COFFEE (CANADA) LTD. (TSX VENTURE:SPP) ("SPoT" or the "Company") is pleased to announce that it is presently arranging a non-brokered private placement for total proceeds of $500,000 at a price of $0.15 per unit (each a "Unit"). Each Unit will consist of one common share in the capital of SPoT (a "Common Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional Common Share at a price of $0.20 for a period of two years from closing. The Common Shares and Warrants issued in connection with the private placement will be subject to a statutory four-month hold period in accordance with applicable securities laws.
The Company also reports that it will issue its third quarter financial statements and MD&A on or before November 23, 2011.
SPoT (www.spotcoffee.com) 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 seven 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:
-- Dedication to create a friendly environment that nourishes and
intensifies a sense of gathering and of community;
-- In-house roasting and blending SPoT's own award-winning premium Arabica
-- Unwavering commitment to offer the customers of the Company the highest
quality products and services;
-- Innovative and varying cafe designs that consider both the culture and
flavor of the specific communities of each cafe;
-- Choice of corner locations for each SPoT cafe at the center of their
-- Ability to offer intimate and warm ambiances in each cafe to suit the
social and private moods of SPoT's patrons; and
-- Trained and dynamic service staff that are proud to call themselves
"Spotters" who enjoy serving their customers and make them feel at home.
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.