2022-06-10 | TSXV:ODD | Press release
/DO NOT DISTRIBUTE IN UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A BREACH OF UNITED STATES SECURITIES LAW./
TORONTO, June 10, 2022 /CNW/ – Odd Burger Corporation (“Oddburger“or the”Company“) (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9) is pleased to announce that it has completed the closing of a third tranche of its previously announced private placement (the “Private placement“). On June 6, 2022 the Company has received an extension from the TSX Venture Exchange (the “TSXV“) to close this final tranche of its private placement. The extended deadline for TSXV’s acceptance of the private placement is June 102022.
On June 9, 2022the Company issued 125,000 shares of the Company (the “Units“) at the price of $0.40 per Unit at James McInnesCEO of the Company, and 125,000 Units under the same conditions at Vasiliki McInnesCOO of the Company, for total gross proceeds of $100,000 (there “Third Installment“). Each Unit consists of one ordinary share in the capital of the Company (one “Ordinary share“) and one common share purchase warrant (a “To guarantee“). Each warrant will entitle its holder to purchase one common share at the price of $0.60 per common share at any time until 4:00 p.m. (Toronto time) no later than the earliest date that is two years after the closing date. The Units, including all underlying securities thereof, will have a hold period of four months and one day from the date of issue.
As previously announced the April 1, 2022the Company completed a first closing of the private placement on March 31, 2022 (there “First installment“). Under the First Tranche, the Company issued 625,000 Units at a price of $0.40 per Unit at James McInnesChief Executive Officer of the Company, and 625,000 shares under the same conditions Vasiliki McInnesCOO of the Company, for total gross proceeds of $500,000. On May 10, 2022the Company has closed the second tranche of the Private Placement and issued a total of 822,500 Units to investors on the same terms as the First Tranche for total gross proceeds of $329,000.
The net proceeds of the offering will be used by the company for the sale and marketing of new franchise locations, the upgrading of manufacturing facilities, the completion of existing company restaurant construction projects and for general fundraising purposes. rolling.
The private placement remains subject to final acceptance by the TSXV.
Required Disclosure of Early Warning Report
At closing, each investor acquired 125,000 common shares and 125,000 warrants. Prior to the closing of the third tranche, each investor held 22,150,000 common shares representing approximately 26.08% of the issued and outstanding voting securities of the Company on a non-diluted basis and 1,699,476 stock options. common shares, representing approximately 28.09% of the issued and outstanding voting securities of the Company on a diluted basis. After the closing of the third tranche, the investors each hold 22,275,000 common shares representing approximately 26.16% of the issued and outstanding voting securities of the Company on a non-diluted basis and 28.3% on a diluted basis. . The Investor has acquired the Units for investment purposes only and intends to review its holdings on an ongoing basis and such holdings may be increased or decreased in the future. A copy of Form 62-103A1 – Alert Report filed in connection with this disclosure can be found at www.SEDAR.com.
About Odd Burger Corporation
Odd Burger Corporation is a chain of company-owned and franchised vegan fast food restaurants and food technology company that manufactures and distributes a line of plant-based protein and dairy alternatives under the Preposterous Foods brand to restaurant chains . Odd Burger restaurants operate as smart kitchens, using cutting-edge cooking technology and automation solutions to deliver a delicious dining experience for customers seeking healthier, more sustainable fast food. With small store footprints optimized for delivery and takeout, advanced cooking technology, competitive pricing, a vertically integrated supply chain as well as healthier ingredients, Odd Burger is revolutionizing the fast food industry. by creating guilt-free fast food. Odd Burger Corporation is listed on the TSX Venture Exchange under the symbol ODD, on the OTCQB under ODDAF and on the Frankfurt Stock Exchange under IA9. For more information, visit https://www.oddburger.com.
This press release contains forward-looking information within the meaning of applicable securities laws, intended to provide information about management’s current expectations and plans regarding the future. Readers are cautioned that reliance on this information may not be appropriate for other purposes. Any such forward-looking information can be identified by words such as “proposed”, “expects”, “intends”, “may”, “will” and similar expressions. Forward-looking information contained or referred to in this press release includes, among other things, statements relating to the completion of the Offer, regulatory approval of the Offer, insider participation in the Offer, use of proceeds from the Offering and other similar statements. Forward-looking information is based on a number of factors and assumptions which were used in developing this information, but which may prove to be incorrect, including, but not limited to, important assumptions regarding the achievement of the offer and the use of the proceeds of the Offer. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information as the Company cannot guarantee that such expectations will prove to be correct. The risks and uncertainties that could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking information include, among others, the impact of the uncertainties and risks associated with the pandemic of ongoing COVID-19, economic conditions, risks that required regulatory approvals may not be obtained and that the Offering may not be completed due to failure to satisfy closing conditions. There is no certainty that the Offer will be completed.
For a more complete analysis of the risks to which the Company is exposed, please consult the Company’s annual information form and the other documents filed with the Canadian securities authorities at www.sedar.com. The forward-looking information contained in this press release reflects the Company’s current expectations, assumptions and/or beliefs based on information currently available. Any forward-looking information speaks only as of the date on which it is made and, except as required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking information, whether as a result of new information, future or other events or results. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of securities in United States or in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction. The securities referenced in this document may not be offered or sold in United States except in transactions exempt from or not subject to the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws. This press release should not be distributed in United States.
Neither the 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 this release.
SOURCE Odd Burger Corporation
Show original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/10/c2299.html