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LONDON, ON, Nov. 22, 2024 /CNW/ - Odd Burger Corporation ("Odd Burger" or the "Company") (TSXV: ODD) (OTCPK: ODDAF) (FSE: IA9) is pleased to announce the grand opening of its new Vancouver restaurant and Food Truck.
The Vancouver restaurant is located at 2821 Main Street and the grand opening event will take place on Saturday, November 23rd, 2024, from 12pm to 6pm. The event will include $1 soft serve, a donation to local charity partners, a tote bag for the first 30 guests in line and a ribbon cutting ceremony at 12pm.
"We could not be more excited to finally bring Odd Burger to Vancouver," says James McInnes, CEO and Co-Founder of Odd Burger. "We see tremendous potential in the B.C. market, and we believe that our expansion strategy will be instrumental to the future growth of Odd Burger."
Odd Burger will also open its first food truck in British Columbia on November 23rd, 2024, and will soon be attending local festivals and events across the province. The food truck is expected to provide additional exposure for the Odd Burger brand as it seeks to establish itself in Western Canada. The food truck is currently taking reservations for corporate events, weddings, festivals and other private functions. Food truck inquiries can be sent to yvrfoodtruck@oddburger.com.
Private Placement
The Company is pleased to announce that its convertible debenture announced on September 20th, 2024, has been terminated and that the company instead intends to complete a non-brokered private placement (the "Offering") of up to 4,000,000 units of the Company (the "Units") at a price of $0.25 per Unit for aggregate gross proceeds of up to $1,000,000.
Each unit will consist of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.30 per Common Share (the "Warrant Exercise Price") at any time up to 4:00 p.m. (Toronto time) on or before the earlier of the date that is two years following the closing date of the Offering.
The completion of the Offering will be subject to acceptance of the Offering by the TSX Venture Exchange. Closing of the Offering is expected to occur on or about December 23rd, 2024, subject to satisfaction of all closing conditions. The Units, including all underlying securities thereof, will have a hold period of four months and one day from the date of issue. The net proceeds of the Offering will be used by the Company for expanding its franchise operations in Canada and in the US, upgrading its manufacturing facilities, advancing the Company's restaurant automation technology and for general working capital purposes.
A finder's fee of up to 8% of the gross proceeds of the Offering may be paid in cash. In addition, the Company may issue finders' warrants equal to up to 8% of the number of Units issued in connection with the Offering. Each finder's warrant will entitle the holder to purchase one Common Share at a price of $0.30 for a period of two years from issuance.
Certain insiders of the Company may participate in the Offering. Such participation is considered a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). 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 Company's market capitalization.
About Odd Burger Corporation
Odd Burger Corporation is a technology company that is transforming the fast-food industry. The Company operates a franchised restaurant chain that is focused on improving the sustainability and efficiency of fast food. Its restaurants utilize state-of-the-art automated cooking technology to deliver a consistent food experience at prices comparable to other fast- food chains. Odd Burger also operates its own manufacturing facility that produces most of the plant-based proteins and dairy-free sauces served at its restaurant chain. The manufacturing facility also produces a consumer-packaged goods line that is currently available at various grocery retailers across Canada.
Odd Burger is building the restaurant of the future by continuing its development of automated restaurant technology, deepening its vertically integrated supply chain and continuing to focus on sustainable and delicious food that can be enjoyed at its restaurants or prepared at home through its retail line. Odd Burger Corporation is traded on the TSX Venture Exchange under the symbol "ODD" and on the OTCPK under the symbol "ODDAF". For more information visit https://www.oddburger.com.
Forward-Looking Information
This news release contains forward-looking information for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. Forward looking information contained or referred to in this news release includes statements relating to future restaurant openings, potential franchisees, demand for our products and other similar statements. Forward-looking information is based on several factors and assumptions which have been used to develop such information, but which may prove to be incorrect including, but not limited to material assumptions with respect to the continued strong demand for the Company's products, the availability of sufficient financing on reasonable terms to fund the Company's capital requirements and the ability to obtain necessary equipment, production inputs and labour. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward looking information because the Company can give no assurance that such expectations will prove to be correct. Risks and uncertainties that could cause actual results, performance or achievements of the Company to differ materially from those expressed or implied in such forward-looking information include, among others, negative cash flow and future financing requirements to sustain and grow operations, limited history of operations and revenues and no history of earnings or dividends, expansion of facilities, competition, availability of raw materials, dependence on senior management and key personnel, general business risk and liability, regulation of the food industry, change in laws, regulations and guidelines, compliance with laws, unfavourable publicity or consumer perception, product liability and product recalls, risks related to intellectual property, difficulties with forecasts, management of growth and litigation, as well as the impact of, uncertainties and risks associated with the ongoing COVID-19 pandemic, many of which are beyond the control of the Company. For a more comprehensive discussion of the risks faced by the Company, please refer to the Company's Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
Non-GAAP Measures
This news release may refer to certain non-GAAP measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS, and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither the 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 news release
SOURCE Odd Burger Corporation
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