/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW./
LONDON,
ON, Sept. 20, 2024 /CNW/ - Odd Burger
Corporation (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9) ("Odd Burger" or
the "Company") is pleased to announce that it intends to complete a
proposed non-brokered private placement (the "Offering") up to
4,000 unsecured convertible debentures (the "Convertible
Debentures") at a price of $1,000.00 per Convertible Debenture, for
aggregate gross proceeds of up to $4,000,000.00.
Each Convertible Debenture shall mature on the date which is 36
months from the closing of the Offering (the "Maturity Date") and
will be convertible into common shares of the Company ("Common
Shares") at a conversion price of $0.25 per Common Share (the "Conversion
Price"). The Convertible Debentures will accrue interest from the
closing date at a rate of 15% per annum 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 (the "TSXV") is
greater than $0.35 for any twenty
(20) consecutive trading days, and (ii) the Company is current
with its securities and TSXV filing requirements. The Offering is
non-brokered, but the Company may pay a cash commission of 7% on
funds brought in.
The approval of the Offering will be subject to acceptance by
the TSX Venture Exchange. The net proceeds of the Offering will be
used by the Company to continue to grow its franchise operations in
Canada, the US and overseas,
expand distribution of the Company's manufactured food products,
development of commercial real estate projects suitable for the
Company and for general working capital purposes.
About Odd Burger Corporation
Odd Burger Corporation 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 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. Odd Burger
Corporation is traded on the TSX Venture Exchange under the symbol
ODD and on the OTCQB under the symbol ODDAF. For more information
visit https://www.oddburger.com.
Forward-Looking Statements
Certain statements contained in this press release may
constitute "forward-looking information" as such term is defined
in applicable Canadian securities legislation. The words "may",
"would", "could", "should", "potential", "will", "seek",
"intend", "plan", "anticipate", "believe", "estimate", "expect"
and similar expressions as they relate to the Company, including:
statements with respect to the Offering; the Company's use of the
net proceeds of the Offering; and the receipt of all approvals of
the TSXV in connection therewith; are intended to identify
forward-looking information. All statements other than statements
of historical fact may be forward-looking information. Such
statements reflect the Company's current views and intentions with
respect to future events, and current information available to the
Company, and are subject to certain risks, uncertainties and
assumptions. Material factors or assumptions were applied in
providing forward-looking information. Many factors could cause
the actual results, performance or achievements that may be
expressed or implied by such forward-looking information to vary
from those described herein should one or more of these risks or
uncertainties materialize. These factors include, without
limitation: changes in law; the ability to implement business
strategies and pursue business opportunities; state of the capital
markets; the availability of funds and resources to pursue
operations; a novel business model; dependence on key suppliers
and local partners; competition; the outcome and cost of any
litigation; the general impact of COVID-19 pandemic, as well as
general economic, market and business conditions, as well as those
risk factors discussed or referred to in disclosure documents
filed by the Company with the securities regulatory authorities in
certain provinces of Canada and
available at www.sedar.com . Should any factor affect the Company
in an unexpected manner, or should assumptions underlying the
forward-looking information prove incorrect, the actual results or
events may differ materially from the results or events predicted.
Any such forward-looking information is expressly qualified in its
entirety by this cautionary statement. Moreover, the Company does
not assume responsibility for the accuracy or completeness of such
forward-looking information. The forward-looking information
included in this press release is made as of the date of this press
release and the Company undertakes no obligation to publicly
update or revise any forward-looking information, other than as
required by applicable law.
Neither 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