Company sells 30 million units of one share and one warrant at C$0.05
By Devika Patel
Knoxville, Tenn., July 23 – Spot Coffee (Canada) Ltd. said it raised C$375,000 in the first tranche of a C$1.5 million private placement of units. The deal priced on Jan. 2, 2015.
The company is selling 30 million units of one common share and a half-share warrant at C$0.05 per unit. It sold 7.5 million units in the initial tranche.
Each whole, four-year warrant is exercisable at C$0.075, a 275% premium to the Dec. 31 closing share price of C$0.02.
Proceeds will be used to finalize the franchise registration, which is in its final stage, for the rollout of the franchising program and working capital.
Spot Coffee, based in Toronto, designs, builds and operates community-oriented cafes.
| Issuer: | Spot Coffee (Canada) Ltd.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1.5 million
|
| Units: | 30 million
|
| Price: | C$0.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$0.075
|
| Pricing date: | Jan. 2
|
| Settlement date: | July 23 (for C$375,000)
|
| Stock symbol: | TSX Venture: SPP
|
| Stock price: | C$0.02 at close Dec. 31
|
| Market capitalization: | C$1.99 million
|
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