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.
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