Chanticleer Holdings Raises $1.4 Million in Above Market Financing with Insider Participation
May 08 2018 - 7:30AM
Chanticleer Holdings, Inc. (NASDAQ:BURG) (“Chanticleer” or the
“Company”), owner, operator, and franchisor of multiple nationally
recognized restaurant brands with 56 locations in the U.S. and
abroad, today announced it has raised $1.4 million dollars in a
registered direct financing to accredited and institutional
investors at $3.50 a share.
Investors will receive 100% warrant coverage in a concurrent
private placement. Warrants have an exercise price of $4.50 and are
exercisable six months after the date of issuances for a term of 5
years.
Mike Pruitt, Chanticleer Chief Executive Officer stated, “We are
pleased to have raised $1.4 million in an institutionally led above
market transaction that reflects confidence in the company's
future. Importantly, the proceeds provide capital to fund growth
and construction of the new stores in our pipeline. We expect to
add 6-10 more new Little Big Burgers locations, significantly
increasing the footprint in the coming year.”
Additional details of the transaction may be found in a Form 8K
filed with the SEC this morning.
About Chanticleer Holdings, Inc.
Headquartered in Charlotte, NC, Chanticleer Holdings owns,
operates, and franchises fast, casual, and full-service restaurant
brands, including American Burger Company, BGR – Burgers Grilled
Right, Little Big Burger, Just Fresh, and Hooters. For more
information, please visit: http://www.chanticleerholdings.com
Forward-Looking Statements:
Any statements that are not historical facts contained in this
release are “forward-looking statements” as that term is defined
under the Private Securities Litigation Reform Act of 1995 (PSLRA),
which statements may be identified by words such as “expects,”
“plans,” “projects,” “will,” “may,” “anticipates,” “believes,”
“should,” “intends,” “estimates,” and other words of similar
meaning. Such forward-looking statements are based on current
expectations, involve known and unknown risks, a reliance on third
parties for information, transactions or orders that may be
cancelled, and other factors that may cause our actual results,
performance or achievements, or developments in our industry, to
differ materially from the anticipated results, performance or
achievements expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially from anticipated results include risks and uncertainties
related to the fluctuation of global economic conditions, the
performance of management and our employees, our ability to obtain
financing or required licenses, competition, general economic
conditions and other factors that are detailed in our periodic
reports and on documents we file from time to time with the
Securities and Exchange Commission. The forward-looking statements
contained in this press release speak only as of the date the
statements were made, and the companies do not undertake any
obligation to update forward-looking statements. We intend that all
forward-looking statements be subject to the safe-harbor provisions
of the PSLRA.
Contact Information:
Investor Relations Jason Assad
678-570-6791Ja@chanticleerholdings.com
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