Odd Burger Corporation to Raise Up to $4 Million Through Private Placement
Odd Burger Corporation, a leading vegan fast-food chain and food technology company, announced its intention to complete a non-brokered private placement offering. The company plans to issue up to 4,000 unsecured convertible debentures, each priced at $1,000.00, for a total potential gross proceeds of $4,000,000.00.
The convertible debentures will mature 36 months from the closing date and are convertible into common shares of Odd Burger at a conversion price of $0.25 per share. They will accrue interest at a rate of 15% per annum, payable upon maturity. The company can force conversion if the volume-weighted average price of its common shares on the TSX Venture Exchange (TSXV) surpasses $0.35 for 20 consecutive trading days and Odd Burger is current with its securities and TSXV filing requirements.
Odd Burger intends to use the net proceeds from the offering to fuel its growth across various areas:
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Expanding Franchise Operations:
The company aims to expand its footprint in Canada, the US, and international markets by increasing its network of franchised restaurants.*
Boosting Product Distribution:
Odd Burger plans to broaden the distribution of its proprietary plant-based protein and dairy alternatives, reaching a wider customer base.*
Developing Commercial Real Estate:
The company will invest in developing commercial real estate projects specifically tailored to its restaurant operations.*
General Working Capital:
The funds will also support general working capital needs, ensuring smooth operations and continued growth.About Odd Burger Corporation
Odd Burger Corporation operates a chain of company-owned and franchised vegan fast-food restaurants. They are also a food technology company that manufactures and distributes a line of plant-based protein and dairy alternatives. Odd Burger restaurants are designed as smart kitchens, utilizing advanced cooking technology and automation solutions to deliver delicious, healthy, and sustainable fast food. With a focus on delivery and takeout, competitive pricing, a vertically integrated supply chain, and healthier ingredients, Odd Burger is transforming the fast-food industry by offering a guilt-free fast-food experience.
Odd Burger Corporation is traded on the TSX Venture Exchange under the symbol ODD and on the OTCQB under the symbol ODDAF. For more information, visit [https://www.oddburger.com](https://www.oddburger.com).
Forward-Looking Statements
This press release may contain forward-looking statements, which are based on current expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, changes in law, the ability to implement business strategies, state of the capital markets, availability of funds, a novel business model, dependence on key suppliers, competition, the outcome and cost of litigation, the impact of the COVID-19 pandemic, and general economic, market, and business conditions.
The Company does not assume any responsibility for the accuracy or completeness of forward-looking statements. These statements are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by applicable law.
