- Odd Burger, a vegan fast food chain, seeks to raise up to C$1.5M in convertible debentures
- Proceeds will be allocated to growing franchised operations, expanding distribution of manufactured food products, as well as to general working capital purposes
- The debentures pay interest of 10 per cent per year and convert at $0.25 per share
- Odd Burger is a vegan fast-food restaurant chain, as well as a manufacturer and distributor of a proprietary line of plant-based protein and dairy alternatives
- Odd Burger (TSXV:ODD) last traded at $0.105 per share
Odd Burger, a vegan fast food chain, seeks to raise up to C$1.5M in convertible debentures.
Proceeds will be allocated to growing franchised operations in Canada, the U.S. and overseas, expanding distribution of manufactured food products, as well as to general working capital purposes.
The non-brokered private placement consists of up to 1,500 unsecured convertible debentures priced at $1,000.
The debentures mature 12 months from the closing of the offering and are convertible into common shares priced at $0.25. Interest is accrued from the closing date at 10 per cent per annum payable on the maturity date.
The company may force conversion if the following is in effect:
- The volume weighted average price of its common shares is greater than $0.50 for any 20 consecutive trading days
- The company is current with its securities and TSXV filing requirements
The offering remains subject to TSXV approval.
Odd Burger is a vegan fast-food restaurant chain, as well as a manufacturer and distributor of a proprietary line of plant-based protein and dairy alternatives. The company operates across Canada with ongoing U.S. and overseas expansion.
Odd Burger (TSXV:ODD) last traded at $0.105 per share.
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