04:38:47 EDT Sun 19 May 2024
Enter Symbol
or Name
USA
CA



Odd Burger Corp
Symbol ODD
Shares Issued 91,419,417
Close 2023-06-02 C$ 0.105
Market Cap C$ 9,599,039
Recent Sedar Documents

Odd Burger arranges $1.5-million debenture financing

2023-06-02 08:10 ET - News Release

An anonymous director reports

ODD BURGER ANNOUNCES PRIVATE PLACEMENT OF UP TO CAD$1.5 MILLION OF CONVERTIBLE DEBENTURES

Odd Burger Corp. intends to complete a proposed non-brokered private placement of up to 1,500 unsecured convertible debentures at a price of $1,000 per convertible debenture for aggregate gross proceeds of up to $1.5-million.

Each convertible debenture shall mature on the date which is 12 months from the closing of the offering and will be convertible into common shares of the company at a conversion price of 25 cents per common share. The convertible debentures will accrue interest from the closing date at a rate of 10 per cent per year, which shall be payable on the maturity date.

The company may force the conversion of the convertible debentures in the event: (i) the volume-weighted average price of the common shares on the TSX Venture Exchange is greater than 50 cents for any 20 consecutive trading days; and (ii) the company is current with its securities and TSX-V filing requirements. The offering is non-brokered, but the company may pay a cash commission of 7 per cent on funds brought in.

The approval of the offering will be subject to acceptance by the TSX-V. The net proceeds of the offering will be used by the company to continue to grow its franchise operations in Canada, the United States and overseas, expand distribution of the company's manufactured food products, and for general working capital purposes.

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 proprietary line of plant-based protein and dairy alternatives to its locations. 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 technologies, competitive pricing, a vertically integrated supply chain, and healthier ingredients, Odd Burger is revolutionizing the fast-food industry by creating guilt-free fast food.

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