- Odd Burger Corporation (ODD) has closed the first tranche of a non-brokered private placement for gross proceeds of $500,000
- Under the first tranche, the company issued 625,000 units to CEO James McInnes and 625,000 units to COO Vasiliki McInnes
- The net proceeds of the offering will be used primarily for sales and marketing of new franchise locations
- Odd Burger Corporation is a chain of company-owned and franchised vegan fast-food restaurants
- Odd Burger Corporation (ODD) opened trading at C$0.455 per share
Odd Burger Corporation (ODD) has closed the first tranche of a non-brokered private placement for gross proceeds of $500,000.
Under the first tranche, the company issued 625,000 units at a price of $0.40 per unit to James McInnes, CEO of the company, and 625,000 units to Vasiliki McInnes, COO of the company.
Each unit consists of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional share at a price of $0.60 for up to two years following the closing date of the offering.
All issued securities will have a hold period of four months from the date of issue.
The net proceeds of the offering will be used for sales and marketing of new franchise locations, upgrading manufacturing facilities, completing existing corporate restaurant construction projects and general working capital purposes.
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 under the brand Preposterous Foods to foodservice channels.
Odd Burger Corporation (ODD) opened trading at C$0.455 per share.