Loading, Please Wait...
CHARLOTTE, N.C., May 08, 2018 (GLOBE NEWSWIRE) -- Chanticleer Holdings, Inc. (NASDAQ:BURG) (“Chanticleer” or the “Company”), owner, operator, and franchisor of multiple nationally recognized restaurant brands with 56 locations in the U.S. and abroad, today announced it has raised $1.4 million dollars in a registered direct financing to accredited and institutional investors at $3.50 a share.
Investors will receive 100% warrant coverage in a concurrent private placement. Warrants have an exercise price of $4.50 and are exercisable six months after the date of issuances for a term of 5 years.
Mike Pruitt, Chanticleer Chief Executive Officer stated, “We are pleased to have raised $1.4 million in an institutionally led above market transaction that reflects confidence in the company's future. Importantly, the proceeds provide capital to fund growth and construction of the new stores in our pipeline. We expect to add 6-10 more new Little Big Burgers locations, significantly increasing the footprint in the coming year.”
Additional details of the transaction may be found in a Form 8K filed with the SEC this morning.
About Chanticleer Holdings, Inc.
Headquartered in Charlotte, NC, Chanticleer Holdings owns, operates, and franchises fast, casual, and full-service restaurant brands, including American Burger Company, BGR – Burgers Grilled Right, Little Big Burger, Just Fresh, and Hooters. For more information, please visit: http://www.chanticleerholdings.com
Any statements that are not historical facts contained in this release are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing or required licenses, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the companies do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.