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Odd Burger Completes $1 Million Private Placement Offering
/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/
LONDON, ON, Jan. 24, 2025 /CNW/ – Odd Burger Corporation (“Odd Burger” or the “Company“) ODD ODDAF IA has successfully finalized the second tranche of a $1,000,000 non-brokered private placement (the “Offering“), first announced on November 22nd, 2024. For this tranche, Odd Burger issued 4,008,000 Units at a price of $0.25 per Unit, generating total gross proceeds of $1,002,000. Overall, the Company issued $5,728,000 in Units during both tranches, raising $1,432,000—an oversubscription of $432,000.
Each Unit includes one common share in the Company (a “Common Share“) and one Common Share purchase warrant (a “Warrant“). Each Warrant grants the holder the right to purchase one Common Share at a price of $0.30 per Common Share any time before 4:00 p.m. (Toronto time) on or before January 24, 2027. The Company plans to use the net proceeds of the Offering for working capital.
In relation to the Offering, Odd Burger paid certain finders a cash fee of $37,200, which represents 8% of the gross proceeds raised by each Finder. Additionally, an aggregate of 148,800 finder warrants (each a “Finder Warrant“) was issued, amounting to 8% of the total Units sold through those Finders. Each Finder Warrant allows holders to acquire one Unit at a price of $0.25 for a period of 24 months from the closing date. Canaccord Genuity Corp. served as a Finder for part of this Offering.
The successful completion of the Offering depends on receiving all necessary regulatory and stock exchange approvals, including final acceptance from the TSX Venture Exchange. All issued securities will undergo a hold period of four months and one day.
About Odd Burger Corporation
Odd Burger Corporation is a vegan fast-food restaurant chain that doubles as a food technology company. The Company creates a proprietary range of plant-based protein and dairy alternatives. These products are supplied to Odd Burger restaurants and available in grocery stores under the consumer-packaged goods (CPG) line. By leveraging advanced cooking technology and automation, Odd Burger aims to deliver a unique, sustainable dining experience, focusing on smaller restaurant footprints optimized for takeout and delivery. The Company trades under the ticker “ODD” on the TSX Venture Exchange and “ODDAF” on the OTCPK. More information can be found at https://www.oddburger.com.
Forward-Looking Information
This news release includes forward-looking information intended to provide insights into management’s current expectations and plans for the future. Words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions indicate forward-looking information. Expectations regarding TSX Venture Exchange approval, future restaurant openings, potential franchisees, and product demands are part of this information. Such forecasts rely on various factors and assumptions that might prove incorrect. Risks include cash flow concerns, financing needs, limited operational history, competition, and industry regulations, which could significantly affect actual results compared to expectations.
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Understanding Risks and Measures: Odd Burger Corporation Updates
Key Risks Identified for Odd Burger Corporation
Odd Burger Corporation faces numerous risks including product recalls, intellectual property challenges, and difficulties in forecasting results. Management must also navigate growth management issues, litigation, and uncertainties brought on by the ongoing COVID-19 pandemic. Many of these challenges lie outside the Company’s control. For more detailed information regarding the risks, readers can consult the Company’s Annual Information Form available through Canadian securities regulators at www.sedarplus.ca.
Forward-Looking Statements: Important Considerations
The forward-looking information present in this announcement reflects the Company’s current expectations and beliefs based on available information. It is important to note that such information is only valid as of the date it was made. Unless required by applicable securities laws, the Company does not commit to updating this information in light of new data, future events, or outcomes. This forward-looking information is explicitly qualified by a cautionary statement regarding its reliability.
Clarifying Non-GAAP Measures
This news release may contain references to non-GAAP measures. These metrics are not recognized under International Financial Reporting Standards (IFRS) and lack a standardized definition, making them difficult to compare with similar measures from other companies. Instead, these numbers serve as supplementary information that helps elucidate the Company’s operational results from management’s perspective. Consequently, they should not be regarded in isolation or as replacements for the financial information presented under IFRS.
Disclosure Information
The TSX Venture Exchange has neither endorsed nor rejected the contents of this news release. Additionally, neither the Exchange nor its Regulation Services Provider assumes responsibility for the accuracy or adequacy of this content.
SOURCE Odd Burger Corporation
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