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Chanticleer Holdings, Inc.’s (HOTR) Completed $7.9M Rights Offering is Base for Continued Expansion

Chanticleer Holdings, owner and operator of Hooters® restaurants in international markets as well as multiple other restaurant brands internationally and domestically, today reported gross proceeds of $7.8 million in subscriptions for 3,899,742 shares of common stock from its now expired rights offering facilitated as part of a dealer manager and placement agent agreement with Investment Banking Group at Source Capital.

“Thank you to our shareholders for their support and the confidence they have shown in Chanticleer’s growth strategy, as well as Source Capital Group and the selling group for coordinating this successful rights offering. This capital transforms our restaurant portfolio and initiates the next phase of growth primarily with the recently announced acquisition of BGR: The Burger Joint. It is now our responsibility to execute on our strategy and we look forward to sharing our progress,” Chanticleer CEO Mike Pruitt stated in a news release.

BGR is a better burger concept well-known in the Maryland/Washington, D.C./Virginia area. With the acquisition of BGR, announced March 18, 2015, Chanticleer’s portfolio is comprised of 46 locations worldwide, including 13 Hooters restaurants, six American Burger Co. restaurants, seven Just Fresh locations and 20 BGR locations. In addition, Chanticleer forecasts opening three to five new BGR franchise locations and two Hooters locations before year end.

As stated by Richard H. Kreger, senior managing director of Investment Banking at Source Capital Group, the successful rights offering enables Chanticleer to continue to advance its acquisition-growth strategy.

“Chanticleer’s management has delivered strong growth with a clear go-forward strategy,” he stated in the news release. “The company’s shareholders have spoken, with over 210 holders electing to participate. This deal provides Chanticleer with the strong capital base to continue to expand the business, both organically and through acquisition, and to drive long-term shareholder value.”

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