Chanticleer Holdings was pleased to announce today that it has successfully completed a $1.6 Million equity financing with accredited investors, meeting the minimum requirement for the Private Placement and enabling the company to break escrow with the funds received. According to the press release issued, proceeds will be used to continue the development of Chanticleer’s restaurant locations as well as for general working capital purposes.
The successful private placement involved the sale of approximately 426,667 units of the company’s common stock at a purchase price of $3.75 per unit. Each unit is comprised of one share of Chanticleer common stock and one common share warrant. Each warrant is exercisable for one common share, twelve months after the closing of the Private Placement, for a period of 5 years at a price of $5.00. The shares and underlying warrants have not been registered with the Securities and Exchange Commission. Currently there is an additional 240,000 units available under the terms of the financing agreement.
Mike Pruitt, Chairman and Chief Executive Officer of the Company, stated, “We are pleased to announce the closing of this financing with friendly accredited investors. The proceeds of this financing will allow Chanticleer to fund the completion of new locations. As we continue on our aggressive growth plan, it pleases me to know that new shareholders see value in our long-term growth strategy.”
For more information, visit www.chanticleerholdings.com
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