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
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