TORONTO — Last month’s crowdfunding attempt by Toronto restaurant Fonda Lola to raise $75,000 for a second outlet and a tequila tasting room on Indiegogo garnered unwelcome attention from the Ontario Securities Commission, according to the Toronto Star.
The initial wording of the press release offered shares for the restaurant’s “initial public offering (IPO),” which reportedly raised the ire of the commission, as it was an not an accurate description of what was being offered. The wording on the press release has since been changed to say that “memberships” are being offered.
To date, Fonda Lola has raised $1,600, or two per cent of its target, with 34 days remaining in the campaign. [thestar.com]