At Second Cup, we know that in order to provide the best coffee for our Guests, we must continue to work in harmony with both the environment and people who provide us with the best quality coffee beans. To both our Guests and coffee producers, we pledge that our coffee growing environment is treated with the utmost respect and dignity. All of our coffee producers provide a safe and healthy work environment and employees are compensated in a fair and equitable manner. As well, Second Cup continues to provide financial remuneration for quality beans to directly benefit the farmers, workers and mills. This is our promise.
Second Cup Announces Increase to Previously Announced Private Placement Offering
Nov 11, 2014
9:28am
Not for distribution to United States newswire services or for dissemination in the United States
MISSISSAUGA, ON, Nov. 11, 2014 – The Second Cup Ltd. (TSX:SCU) (“Second Cup” or the “company”) announced today that as a result of the positive investor response for its previously announced private placement offering of common shares (“Shares”), it has agreed to increase the size of the offering from up to CDN $5.0 million to up to CDN $7.0 million. In addition, the Company has granted to GMP Securities L.P. (“GMP”), as sole agent, an option, exercisable any time prior to the closing of the offering, to arrange for the purchase of up to an additional 15% of the number of Shares. If the agent’s option is exercised in full, the aggregate gross proceeds of the offering will be $8.1 million.
The size of the offering was increased by agreement between Second Cup and GMP. There are no other changes to the previously announced financing and the upsized portion will be offered on the same terms as the previously announced offering of Shares.
Second Cup intends to use the net proceeds from the issuance of the Shares to support Second Cup’s strategic growth plan including the renovation of company-owned cafés in priority locations, and for general corporate purposes.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Second Cup
Founded in 1975, The Second Cup Ltd. is a Canadian specialty coffee retailer operating over 345 cafés across the country. All of the approximately 4,000 Second Cup baristas are trained coffee experts who handcraft over 1 million coffee and tea beverages every week, and are committed to ensuring excellence in every cup and the very best customer experience possible. For more information, please visit www.secondcup.com or find the company on Facebook and Twitter.
Forward-looking Statements
This news release contains forward-looking statements (within the meaning of applicable securities laws) relating to the business of the company and the environment in which it operates, including specifically the Offering and Second Cup’s planned use of proceeds from the Offering. Forward-looking statements are identified by words such as “believe”, “anticipate”, “expect”, “intend”, “plan”, “will”, “may” and other similar expressions. These statements are based on the company’s expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the company’s regulatory filings available on the Company’s web site at www.secondcup.com or at www.sedar.com and include the risk that the Offering may not complete as planned or at all. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Except as required by law, the company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.
SOURCE The Second Cup Ltd.
For further information: Steve Boyack, Chief Financial Officer, (905) 362-1818 or investor@secondcup.com