/NOT FOR DISSEMINATION IN THE UNITED
STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF UNITED
STATES SECURITIES LAW./
TORONTO, March 28,
2022 /CNW/ - Odd Burger Corporation ("Odd
Burger" or the "Company") (TSXV: ODD) (OTCQB: ODDAF)
(FSE: IA9) is pleased to announce that it intends to complete a
non-brokered private placement (the "Offering") of up to
6,250,000 units of the Company (the "Units") at a price of
$0.40 per Unit for aggregate gross
proceeds of up to $2,500,000.
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
$0.60 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 April 29,
2022, 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 sales and marketing of new franchise locations,
upgrading manufacturing facilities, completing existing corporate
restaurant construction projects and 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
$0.60 for a period of two years from
issuance.
Certain insiders of the Company will 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.
February
22, 2022 Press Release Clarification
Odd Burger would also like to add clarification to the press
release dated February 22, 2022
entitled: Odd Burger Launches Preposterous Foods: New Brand for
Vegan Meats, Sauces, Dressings in Exclusive Partnership with
Sysco. In this release it was stated that the "The line of
plant-based proteins and sauces is distributed exclusively through
Sysco (NYSE: SYY), the world's largest food services company with
more than 600,000 clients in restaurants, healthcare and
educational facilities, lodging/hospitality and other institutional
customers. This provides Preposterous with more than 330
distribution facilities worldwide." Odd Burger would like to
clarify that it does not have access to all 330 Sysco distribution
centers and that the products are only stocked at the South Western
Ontario Sysco distribution center.
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 under the brand Preposterous Foods
to foodservice channels. 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://www.oddburger.com.
Forward-Looking
Information
This news release contains forward-looking information within
the meaning of applicable securities laws, 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, among others, statements relating to
completion of the Offering, regulatory approval for the Offering,
insider participation in the Offering, use of proceeds of the
Offering and other similar statements. Forward-looking information
is based on a number of 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 completion of the Offering and the use of proceeds
of the Offering. 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, the impact
of, uncertainties and risks associated with the ongoing COVID-19
pandemic, economic conditions, the risks that required regulatory
approvals are not obtained, and that the Offering may not be
completed due to closing conditions not being satisfied. There is
no certainty that the Offering will be completed.
For a more comprehensive discussion of the risks faced by the
Company, please refer to the Company's Annual Information Form, and
other filings, 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.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy, nor shall there be any sale of
securities in the United States or
in any province, state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under securities laws of any such province, state or
jurisdiction. The securities referenced herein may not be offered
or sold in the United States
except in transaction exempt from or not subject to the
registration requirements of the United States Securities Act of
1933, as amended, and applicable state securities laws. This news
release is not to be disseminated in the
United States.
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 release.
SOURCE Odd Burger Corporation