LONDON,
ON, Dec. 28, 2023 /CNW/ - Odd Burger
Corporation ("Odd Burger" or the "Company") (TSXV: ODD) (OTCQB:
ODDAF) (FSE: IA9) is pleased to announce that it has entered into a
credit agreement with GGC Holdings Ltd. (the "Lender") in
the amount of CAD$250,000 (the
"Second Credit Agreement"). This is the Company's second
credit agreement announced in the past month and the Company now
has access to a total of CAD$500,000
in credit facilities.
The Second Credit Facility has an initial drawdown fee of
$1,500 and will bear interest at a
rate of 15% per annum, maturing 1 year from issuance on
December 15, 2024. The principal
amount under the Second Credit Facility is convertible into common
shares of the Company at the discretion of the Lender at a price of
$0.25 per common share and is secured
against all of the Company's assets pursuant to a general security
agreement. The loan will be paid off in full in the event of
a Nasdaq up-listing and associated capital raise. The Lender is an
arm's length party to the Company.
The Company will use the Second Credit Facility to accelerate
the growth of its consumer-packaged goods line which launched in
September 2023, support the Company's
franchise expansion in Canada, the
U.S. and abroad and for general working capital purposes.
"We are incredibly excited to work with the people at GGC
Holdings," says James McInnes, CEO
and co-founder at Odd Burger. "Access to an operating line of
credit is essential for our growth, especially as we shift more
focus to our consumer-packaged goods line."
The credit facility is subject to final TSXV acceptance.
About Odd Burger
Corporation
Odd Burger Corporation is a franchised vegan fast-food
restaurant chain and food technology company that manufactures a
proprietary line of plant-based protein and dairy alternatives. Its
manufactured products are distributed to Odd Burger restaurant
locations through its foodservice line and also sold at grocery
retailers through its consumer-packaged goods (CPG) line. 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 that can be
enjoyed at its restaurant locations or at home though its CPG
line. Odd Burger Corporation is traded on the TSX Venture Exchange
under the symbol "ODD" and on the OTCQB under the symbol "ODDAF".
For more information visit https://www.oddburger.com.
Forward-Looking
Information
This news release contains forward-looking information 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 statements
relating to the use of proceeds of the credit facilities, ability
to draw on such facilities, future restaurant openings, potential
franchisees and a NASDAQ up-list, demand for our products and other
similar statements. Forward-looking information is based on several
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 continued
strong demand for the Company's products, the availability of
sufficient financing on reasonable terms to fund the Company's
capital requirements and the ability to obtain necessary equipment,
production inputs and labour. 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, negative
cash flow and future financing requirements to sustain and grow
operations, limited history of operations and revenues and no
history of earnings or dividends, expansion of facilities,
competition, availability of raw materials, dependence on senior
management and key personnel, general business risk and liability,
regulation of the food industry, change in laws, regulations and
guidelines, compliance with laws, unfavourable publicity or
consumer perception, product liability and product recalls, risks
related to intellectual property, difficulties with forecasts and
management of growth and litigation many of which are beyond the
control of the Company. For a more comprehensive discussion of the
risks faced by the Company, please refer to the Company's annual
information form 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.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this news release. 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 news release.
SOURCE Odd Burger Corporation