LONDON, ON, - Odd Burger Corporation ("Odd Burger" or the "Company") (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9) is pleased to announce that it has completed the first tranche of a non-brokered private placement (the "Offering") of 5,202,000 Units of the Company (the "Units") at a price of $0.25 per Unit for aggregate gross proceeds of $1,300,500. The closing of the Offering has been extended by the Company to February 3, 2023.
Each Unit consists of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of $0.40 per Common Share (the "Warrant Exercise Price") at any time up to 4:00 p.m. (Toronto time) on or before January 24, 2025.
In connection with the Offering, Haywood Securities Inc. received cash compensation of $5,250 and 21,000 options (the "Finder's Options") and PI Financial Corp. received cash compensation of $700 and 2,800 Finder's Options which is equal to 7% of the number of Units sold by each finder pursuant to the Offering. Each Finder's Option will entitle the holder to purchase one Unit for a period of 24 months from the Closing Date at an exercise price of $0.25 per Unit ("Finder's Option Unit"). Each Finder's Option Unit will consist of one common share in the capital of the Company ("Finder's Option Unit Share") and one transferable common share purchase warrant ("Finder's Option Unit Warrant"). Each Finder's Option Unit Warrant will entitle the holder to acquire one additional common share of the Company ("Finder's Option Unit Warrant Share") for a period of 24 months from the Closing Date at an exercise price of $0.40 per Finder's Option Unit Warrant Share.
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