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LONDON,
ON, Dec. 21, 2022 /CNW/ - Odd Burger
Corporation (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9) ("Odd
Burger" or the "Company") is pleased to announce its
intention to complete a non-brokered private placement on a best
efforts basis of a minimum of 4,000,000 units and a maximum of
20,000,000 units of the Company (the "Units") at a price of
$0.25 per Unit for minimum gross
proceeds of $1,000,000 and maximum
gross proceeds to the Company of $5,000,000 (the "Offering"). The Offering
is being completed pursuant to the Part 5A of National Instrument
45-106 – Prospectus Exemptions (the "Listed Issuer
Financing Exemption") and accordingly the securities issued in
the Offering will not be subject to a hold period pursuant to
applicable Canadian securities laws.
Each Unit shall be comprised of one common share ("Common
Share") in the capital of the Company and one Common Share
purchase warrant (each whole warrant, a "Warrant") of the
Company. Each Warrant shall entitle the holder thereof to acquire
one additional Common Share at a price of $0.40 for a period of twenty-four (24) months
from the Closing Date (as defined below) of the Offering. The
Offering is non-brokered but the Company may pay a commission on
proceeds obtained.
Subject to compliance with applicable regulatory requirements
and in accordance with National Instrument 45-106 – Prospectus
Exemptions, the Units will be offered for sale to purchasers
resident in Canada and/or other
qualifying jurisdictions pursuant to the Listed Issuer Financing
Exemption.
There is an offering document (the "Offering Document")
related to the Offering that can be accessed under the Company's
profile at www.sedar.com and on the Company's website at
https://oddburger.com. Prospective investors should read this
offering document before making an investment decision.
As disclosed in the Offering Document, the company intends to
use the net proceeds 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.
The Offering is anticipated to close on or about January
20, 2023, or such later date as the Company may determine (the
"Closing Date") and is subject to certain conditions
including, but not limited to, the receipt of all necessary
approvals, including the approval of the TSX Venture Exchange.
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 line of plant-based
protein and dairy alternatives to foodservice channels under the
brand Preposterous Foods. 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, on the OTCQB under ODDAF, and the Frankfurt
Stock Exchange under IA9. For more information visit
https://oddburger.com.
Caution Regarding Forward-Looking Information
This press release contains forward-looking statements that
involve a number of risks and uncertainties, including statements
that relate to among other things, the Company's strategies,
intentions, plans, beliefs, expectations and estimates, and can
generally be identified by the use of words such as "may", "will",
"could", "should", "would", "likely", "expect", "intend",
"estimate", "anticipate", "believe", "plan", "objective" and
"continue" and words and expressions of similar import. Forward
looking information contained or referred to in this news release
includes statements relating but not limited to:, the impact of the
development agreement in the areas discussed; the expected future
expansion of Odd Burger locations and the number of franchises and
the benefits the Company expects to derive therefrom; as well as
the number of retail outlets to be opened and the Canada and Franchises in the United States discussed herein. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, such statements involve
risks and uncertainties, and undue reliance should not be placed on
such statements. Certain material factors or assumptions are
applied in making forward-looking statements, and actual results
may differ materially from those expressed or implied in such
statements. Important factors that could cause actual results to
differ materially from expectations include but are not limited to:
financing risk, general business and economic conditions (including
but not limited to currency rates); changes in laws and
regulations; legal and regulatory proceedings; and the ability to
execute strategic plans. The Company does not undertake any
obligation to update publicly or to revise any of the
forward-looking statements contained in this document, whether as a
result of new information, future events or otherwise, except as
required by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this press
release.
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SOURCE Odd Burger Corporation