Mr. Anton Ayoub reports

SPOT COFFEE ANNOUNCES COMPLETION OF $82.5K EQUITY FINANCING

Spot Coffee (Canada) Ltd. has completed its previously announced non-brokered private placement offering of 1.65 million common shares at a price of five cents per common share for aggregate gross proceeds of $82,500. The proceeds raised under this financing are expected to be used exclusively to finance an application by the company to cross-list its common shares on the OTCQB stock exchange. All of the common shares issued in connection with this financing are subject to a statutory four-month hold period in accordance with applicable securities laws, which will expire on June 7, 2023. The sole subscriber under this offering is an insider of the company. Such subscription is considered to be a related-party transaction and is therefore subject to the provisions of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions); however, exemptions are available from the minority shareholder approval and valuation requirements set forth in the foregoing Multilateral Instrument.

About Spot Coffee (Canada) Ltd.

Spot Coffee has been designing, building and operating company-owned and franchise community cafes in the northeastern United States for over 25 years. Spot Coffee's cafes provide their customers with the highest-quality service, signature made-to-order meals and award-winning microroasted coffee. Each Spot Coffee cafe is distinctively designed to suit the local neighbourhood, creating a warm and friendly gathering place for the community. Spot Coffee'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.

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