Canadian Coffee Business Spots Opportunity via Private Placement
Canadian-based SPoT Coffee has communicated news of a planned private placement financing of total gross proceeds of up to C$1,150,000 of units, with individual units priced at C$0.10 apiece.
Each individual unit will constitute one common share in the SPoT business, as well as half of a common share purchase warrant – a whole warrant entitling its owner to acquire additional common shares at a unit price of C$0.15 for the ensuing two years after closure.
The net gain from this initiative will be ploughed into the renovation of the company’s Rochester café, including plans for an expansive kitchen to support SPoT’s gourmet pizza programme, as well as funding two new venues – SPoT Hertel Avenue positioned in Western New York and SPoT Parkplace located in Toronto.
Such a funding scheme, which is still subject to approval by the TSX Venture Exchange as well as other customary requirements, will help SPoT Coffee to build its portfolio of cafés to a total of eight operating venues, in addition to helping the business achieve the desired renovations to its existing locations.
Unlike other gourmet coffee houses, SPoT Coffee prides itself on the uniqueness of each of its venues with its key points of differentiation its dedication to achieve a friendly environment that brings a sense of community, its in-house roasting as well as blending abilities, its unwavering commitment to quality, the innovative and unique designs for its cafés, the ability to offer a warm and intimate ambience for its patrons and trained, dedicated staff that enjoying serving their customers and take pride in calling themselves ‘Spotters.’