Canadian plant-based meat manufacturer, Odd Burger Corporation (formerly Globally Local Technologies), announced it has completed the first portion of a non-brokered private placement (offering) of 5,202,000 units at a per unit price of USD 0.25, raking in gross proceeds of USD 1.3 million.
The net proceeds from the offering will be used to establish a presence in the US and create a US operational team, expand to Europe, extend current production capacity while expediting growth in Canada, and toward working capital requirements.
Each of the units consists of one common share and one common share purchase warrant, with the warrant enabling the holder to purchase one common share for USD 0.4 at any time on or before 4 p.m. on the 24th of January, 2023. The closing of the offer has been extended to the 3rd of February, 2023, while the approval of this offering is subject to final acceptance by the TSX Venture Exchange.
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