Odd Burger Corporation Announces Offering of Up to $5 Million
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LONDON, ON, Dec. 21, 2022 /CNW/ - Odd Burger Corporation (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9) ("Odd Burger" or the "Company") is pleased to announce its intention to complete a non-brokered private placement on a best efforts basis of a minimum of 4,000,000 units and a maximum of 20,000,000 units of the Company (the "Units") at a price of $0.25 per Unit for minimum gross proceeds of $1,000,000 and maximum gross proceeds to the Company of $5,000,000 (the "Offering"). The Offering is being completed pursuant to the Part 5A of National Instrument 45-106 – Prospectus Exemptions (the "Listed Issuer Financing Exemption") and accordingly the securities issued in the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.
Each Unit shall be comprised of one common share ("Common Share") in the capital of the Company and one Common Share purchase warrant (each whole warrant, a "Warrant") of the Company. Each Warrant shall entitle the holder thereof to acquire one additional Common Share at a price of $0.40 for a period of twenty-four (24) months from the Closing Date (as defined below) of the Offering. The Offering is non-brokered but the Company may pay a commission on proceeds obtained.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions, the Units will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the Listed Issuer Financing Exemption.
There is an offering document (the "Offering Document") related to the Offering that can be accessed under the Company's profile at www.sedar.com and on the Company's website at https://oddburger.com. Prospective investors should read this offering document before making an investment decision.
As disclosed in the Offering Document, the company intends to use the net proceeds to establish a US presence and create a US operational team, initial international expansion into Europe, expand current production capacity, accelerate Canadian growth, and for working capital purposes.
The Offering is anticipated to close on or about January 20, 2023, or such later date as the Company may determine (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
Odd Burger Corporation is a chain of company-owned and franchised vegan fast-food restaurants as well as a food technology company that manufactures and distributes a line of plant-based protein and dairy alternatives to foodservice channels under the brand Preposterous Foods. Odd Burger restaurants operate as smart kitchens, which use state-of-the art cooking technology and automation solutions to deliver a delicious food experience to customers craving healthier and more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain along with healthier ingredients, Odd Burger is revolutionizing the fast-food industry by creating guilt-free fast food. Odd Burger Corporation is traded on the TSX Venture Exchange under the symbol ODD, on the OTCQB under ODDAF, and the Frankfurt Stock Exchange under IA9. For more information visit https://oddburger.com.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements that relate to among other things, the Company's strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "expect", "intend", "estimate", "anticipate", "believe", "plan", "objective" and "continue" and words and expressions of similar import. Forward looking information contained or referred to in this news release includes statements relating but not limited to:, the impact of the development agreement in the areas discussed; the expected future expansion of Odd Burger locations and the number of franchises and the benefits the Company expects to derive therefrom; as well as the number of retail outlets to be opened and the Canada and Franchises in the United States discussed herein. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: financing risk, general business and economic conditions (including but not limited to currency rates); changes in laws and regulations; legal and regulatory proceedings; and the ability to execute strategic plans. The Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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SOURCE Odd Burger Corporation
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