Chanticleer Executes Agreement And Plan Of Merger To Buy Spoon Bar & Kitchen

(RTTNews) - Chanticleer Holdings Inc. (HOTR) announced that it has executed an Agreement and Plan of Merger to acquire Spoon Bar & Kitchen through the purchase of all of the outstanding shares of Dallas Spoon LLC and Dallas Spoon Beverage LLC.

Once the transaction is finalized, Dallas Spoon and Dallas Spoon Beverage will be subsidiaries of the Company.

Spoon Bar & Kitchen is a fine dining seafood restaurant by Chef John Tesar.

The terms of the agreement calls for Chanticleer to issue 195,000 HOTR units to Express Working Capital, L.L.C., the parent company of Dallas Spoon and Dallas Spoon Beverage. Each unit consists of one share of the Company's common stock, and one five-year warrant, 97,500 of which are exercisable at $5.50 and 97,500 exercisable $7.00. The value of the share exchange will be dependent upon Chanticleer Holding's stock price at date of closing. Final closing is anticipated on or before January 31, 2014.