Odd Burger Closes $1.3M in First Tranche of Private Placement
Summary
Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.40 per Common Share (the "Warrant Exercise Price") at any time up to 4:00 p.m. (Toronto time) on or before January 24, 2025.In connection with the Offering, Haywood Securities Inc. received cash compensation of $5,250 and 21,000 options (the "Finders Options") and PI Financial Corp. received cash compensation of $700 and 2,800 Finders Options which is equal to 7% of the number of Units sold by each finder pursuant to the Offering. The net proceeds of the Offering will be used by the Company to establish a US presence and create a US 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. 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% of the Companys market capitalization.Immediately prior to the Offering, BoxOne Ventures Inc. owned and exercised control over an aggregate of 13,262,500 Common Shares and 250,000 Warrants, representing an interest of approximately 15.4% of the issued and outstanding voting securities of the Company on a non-diluted basis and 15.6% of the issued and outstanding securities of the Company assuming exercise of the Warrants.As a result of the Offering, BoxOne Ventures Inc. will own and exercise control over an aggregate of 13,402,500 Common Shares and 390,000 Warrants representing approximately 14.7% of the issued and outstanding voting securities of the Company on a non-diluted basis and 15.0% of the issued and outstanding securities of the Company, assuming conversion of the options and exercise of the Warrants. A copy of the Form 62-103F1 Early Warning Report filed in connection with this disclosure may be found on www.SEDAR.com.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 line of plant-based protein and dairy alternatives to foodservice channels under the brand Preposterous Foods. 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.