Odd Burger Corporation Closes CAD$1.3 Million 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 24 months from the grant date.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 capitalizationOdd 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. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in the United States or in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under securities laws of any such province, state or jurisdiction.