Chanticleer Holdings Announces Closing of Additional Equity Financing
HOTR Completes Entire $2.5 Million Offering
CHARLOTTE, NC -- (Marketwired) -- 10/21/13 -- Chanticleer Holdings, Inc. (NASDAQ: HOTR) ("Chanticleer Holdings" or the "Company"), headquartered in Charlotte, N.C., announced today that the Company has successfully completed its previously announced equity financing with accredited investors, receiving the maximum amount allocated under its Private Placement Memorandum, $2.5 million, or 666,667 Units. Each Unit consists of one share of the Company's common stock and one five year warrant, exercisable after twelve months, to purchase one share of common stock at an initial exercise price of $5.00. The proceeds will be used to continue the development of the Company's restaurant locations as well as for general working capital purposes.
Mike Pruitt, Chairman and Chief Executive Officer of the Company, stated: "We are encouraged by the overwhelming support these accredited investors demonstrated in our business plan. This successful equity financing will allow us to continue on our aggressive growth plan of opening new restaurant locations."
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About Chanticleer Holdings, Inc.
Chanticleer Holdings (NASDAQ: HOTR) is focused on expanding the Hooters® casual dining restaurant brand in international emerging markets. Chanticleer currently owns in whole or part of the exclusive franchise rights to develop and operate Hooters restaurants in South Africa, Hungary and parts of Brazil, and has joint ventured with the current Hooters franchisee in Australia, while evaluating several additional international opportunities. The Company currently owns and operates in whole or part of six Hooters restaurants in its international franchise territories: Durban, Johannesburg, Cape Town and Emperor's Palace in South Africa; Campbelltown in Australia; and Budapest in Hungary.
Forward-Looking Statements:
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.
Contact:
Chanticleer Holdings, Inc.
Mike Pruitt
Chairman/CEO
Phone: 704.366.5122 x 1
mp@chanticleerholdings.com
Source: Chanticleer Holdings, Inc.
Released October 21, 2013