19:44:33 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Odd Burger Corp
Symbol ODD
Shares Issued 91,343,417
Close 2023-02-03 C$ 0.24
Market Cap C$ 21,922,420
Recent Sedar Documents

Odd Burger closes $490,000 second tranche of financing

2023-02-06 11:56 ET - News Release

An anonymous director reports

ODD BURGER CLOSES $490K IN SECOND TRANCHE OF PRIVATE PLACEMENT AND PROVIDES UPDATES ON FIRST TRANCHE

Odd Burger Corp. has closed the second tranche of a non-brokered private placement of 1.96 million units of the company at a price of 25 cents per unit for aggregate gross proceeds of $490,000.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one common share at a price of 40 cents per common share at any time up to 4 p.m. (Toronto time) on or before Feb. 3, 2025.

The approval of the offering will be subject to final acceptance of the offering by the TSX Venture Exchange. The net proceeds of the offering will be used by the company to establish a United States presence and create a U.S. operational team, initial international expansion into Europe, expand current production capacity, accelerate Canadian growth and for working capital purposes.

Certain insiders of the company participated in the offering. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The related party transaction will be exempt from minority approval and valuation requirements pursuant to the exemptions contained in Section 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the securities to be issued under the offering nor the consideration to be paid by insiders will exceed 25 per cent of the company's market capitalization.

Updates on first tranche

The company would like to announce the cancellation of 1,884,000 units issued to Angelpreneur AG in the first tranche of the offering. The units were to be delivered against payment and the subscriber failed to deliver the funds when the units were delivered.

Additionally, and further to the press release dated Jan. 25, 2023, the company would like to clarify that the finder's option unit warrants (as defined in the press release) are non-transferrable common share purchase warrants.

About Odd Burger Corp.

Odd Burger 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 food service 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 and 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 is traded on the TSX Venture Exchange under the symbol ODD, on the OTCQB under ODDAF and the Frankfurt Stock Exchange under IA9.

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