Chanticleer Holdings Closes $500,000 Direct EB-5 Financing for the Opening of Two Little Big Burgers in Oregon
CHARLOTTE, NC--(Marketwired - August 30, 2016) - Chanticleer Holdings, Inc. (HOTR) ("Chanticleer," or the "Company"), owner, operator and franchisor of multiple branded restaurants in the U.S. and abroad, today announced that it has raised $500,000 in direct EB-5 financing to open two Little Big Burgers (LBB) in Oregon. The Company currently has nine LBB restaurants in Oregon.
One restaurant will be located at the Hassalo on Eighth Vemore Building: 1088 NE 7th Ave. in Portland. Portland is the largest city in Oregon, with 60% of the state's population residing within the city's metropolitan area. The other restaurant will be located in Hillsboro, Oregon in the Platform District at 940 NE Orenco Station Loop. Hillsboro, which is to the west of Portland's metropolitan area, hosts many high-tech companies that comprise what has become known as the Silicon Forest.
Chanticleer expects that both restaurants will be opened by the end of 2016.
The investment was structured as an EB-5 Direct Investment and performed under SEC Rule 506. The EB-5 program provides foreign investors who demonstrate that their investments create at least a minimum level of required job creation in the United States with a potential avenue to lawful permanent residency. Global Alliance Securities, LLC acted as placement agent for the financing.
Mike Pruitt, CEO of Chanticleer Holdings, commented, "We are pleased to have closed on our first EB-5 financing which provides attractive, non-dilutive capital to expand our regional brands. Little Big Burger has been performing well with particularly attractive store economics, and we look forward to continuing to strategically utilize EB-5 financing for additional LBB restaurants as well as our other regional brands."
About Chanticleer Holdings, Inc.
Headquartered in Charlotte, NC, Chanticleer Holdings (HOTR), owns, operates and franchises fast casual and full service restaurant brands, including American Burger Company, BGR: The Burger Joint, Little Big Burger, Just Fresh and Hooters.
For further information, please visit: www.chanticleerholdings.com