Canadian plant-based meat manufacturer Odd Burger Corporation (formerly Globally Local Technologies) plans to raise CAD 1.5 million (~USD 1.1 million) through a non-brokered private placement (offering) of 1,500 unsecured convertible debentures at CAD 1,000 (~USD 744) per debenture. The offering is subject to approval by the TSX Venture Exchange.
The proceeds will be used to expand franchise operations in Canada, the US, and overseas, increase distribution of its food products, and for general working capital.
The debentures will carry a maturity date of 12 months from the closing of the offering and convert into common shares of the company at CAD 0.25 (~USD 0.2) per share. Although non-brokered, the company may pay a commission of 7% on proceeds and force the conversion of debentures if certain conditions are met.
Analyst QuickTake: Earlier this year, the company completed its first tranche of a non-brokered private placement raking in gross proceeds of USD 1.3 million. The company’s expansion strategy included signing an agreement with Sai-Ganesh Enterprises to expand to 36 new Canadian locations, followed by the launch of franchising operations in the US through Delaware-based Odd Burger US.
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