SPoT Coffee Announces Unsecured Loans

TORONTO, Dec. 1, 2020 /CNW/ - SPOT COFFEE (CANADA) LTD. (TSX-V: SPP) ("SPoT" or the "Company") has previously announced the receipt of subscriptions in the aggregate principal amount of $919,575 for Class A Debentures, the closing of which has been pending (see prior press releases dated June 12 and April 21, 2020).  Following discussion and agreement with such subscribers (all of whom are at arm's length vis-à-vis the Company), it has been agreed that the foregoing advances shall be treated as unsecured loans of the Company rather than as subscriptions for debentures.  Such loans bear interest at a rate of 6% per annum and mature on the date that is two (2) years from issuance. The Company will not be proceeding with the issuance of any Class A Debentures at the present time.

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.

[email protected] or John Lorenzo, CEO, [phone] Ext.221