03:55:30 EDT Sun 19 May 2024
Enter Symbol
or Name
USA
CA



Odd Burger Corp
Symbol ODD
Shares Issued 91,419,417
Close 2023-12-27 C$ 0.15
Market Cap C$ 13,712,913
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Odd Burger arranges second $250,000 line of credit

2023-12-28 10:04 ET - News Release

Mr. James McInnes reports

ODD BURGER SECURES SECOND LINE OF CREDIT

Odd Burger Corp. has entered into a credit agreement with GGC Holdings Ltd. (the lender) in the amount of $250,000. This is the company's second credit agreement announced in the past month and the company now has access to a total of $500,000 in credit facilities.

The second credit facility has an initial drawdown fee of $1,500 and will bear interest at a rate of 15 per cent per annum, maturing one year from issuance on Dec. 15, 2024. The principal amount under the second credit facility is convertible into common shares of the company at the discretion of the lender at a price of 25 cents per common share and is secured against all of the company's assets pursuant to a general security agreement. The loan will be paid off in full in the event of a Nasdaq uplisting and associated capital raise. The lender is an arm's-length party to the company.

The company will use the second credit facility to accelerate the growth of its consumer packaged goods line which launched in September, 2023, support the company's franchise expansion in Canada, the United States and abroad and for general working capital purposes.

"We are incredibly excited to work with the people at GGC Holdings," says James McInnes, chief executive officer and co-founder at Odd Burger. "Access to an operating line of credit is essential for our growth, especially as we shift more focus to our consumer packaged goods line."

The credit facility is subject to final TSX Venture Exchange acceptance.

About Odd Burger Corp.

Odd Burger is a franchised vegan fast-food restaurant chain and food technology company that manufactures a proprietary line of plant-based protein and dairy alternatives. Its manufactured products are distributed to Odd Burger restaurant locations through its food service line and also sold at grocery retailers through its consumer packaged goods (CPG) line. 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, a vertically integrated supply chain, along with healthier ingredients, Odd Burger is revolutionizing the fast-food industry by creating guilt-free fast food that can be enjoyed at its restaurant locations or at home though its CPG line. Odd Burger is traded on the TSX Venture Exchange under the symbol ODD and on the OTCQB under the symbol ODDAF.

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