SPoT Coffee Announces Extension of Class A Debenture Financing and New CFO

TORONTO, June 12, 2020 /CNW/ - SPOT COFFEE (CANADA) LTD. (TSXV: SPP) ("SPoT" or the "Company") is pleased to announce that its previously announced offering of Class A Debentures is ongoing. The Company has received subscriptions for an aggregate principal amount of $919,575 and expects to complete the offering prior to June 25, 2020.  Each such Class A Debenture shall have the following characteristics:

• bearing interest at a rate of 6% per annum;
• term of two (2) years from issuance;
• principal amount convertible at maturity into common shares at a price of $0.12 per common share; and
• interest portion convertible at the market price on the date of conversion.

The Company also announces that it does not presently intend to issue a second class of debentures (previously referred to as Class B Debentures) due to the COVID-19 pandemic and global financial crisis.

The Company is pleased to announce the appointment of Randy Koroll as Chief Financial Officer.  Mr. Koroll is an experienced Chief Financial Officer with over 30+ years in the accounting industry. He has a demonstrated history of successfully taking companies public on the TSX-V and guiding companies out of financial distress. His experience ranges from current position as CFO for an Aerospace company to positions in Orthotics manufacturing with distribution through clinics in Ontario and Quebec, mining industry, finance and airlines/aviation industries. He also has served a member of several company Board of Directors. He is skilled in Investor Relations, Corporate Accounting, IPO, Corporate Development, and Mergers & Acquisitions.

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.

We seek Safe Harbor.

Forward Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

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. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company 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.

SOURCE Spot Coffee (Canada) Ltd.

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