Business
Organto Announces CDN $1.5 Million Convertible Note Offering
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States. ...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Announces CDN $1.5 Million Convertible Note OfferingNot for Distribution to U.S. Newswire Services or for Dissemination in the United States.VANCOUVER, BC / ACCESSWIRE / April 14, 2020 / Organto Foods Inc. (TSXV:OGO)(OTCPINK:OGOFF) (\"Organto\" or the \"Company\"), an integrated provider of value-added fruits and vegetables today announced a CDN$1,500,000 convertible note financing (\"Convertible Note Financing\"). Funds from the Convertible Note Financing will be used to finance business expansion opportunities and for general working capital purposes.The Convertible Note Financing will be for a period of 2 years, carry an annual interest rate of 10% (payable annually), and will be convertible into common shares of Organto (TSX-V:OGO) at a price of CDN $0.05 per share for the first year and CDN $0.10 per share for the second year (the \"Convertible Notes\"). If, after four months from the date of issuance of the Convertible Notes, the volume-weighted average closing price of Organto's common shares as traded on the TSX Venture Exchange is equal to or greater than CDN $0.15 for 10 consecutive trading days or more, Organto may, in its sole discretion, accelerate conversion of the Convertible Notes. There is no pre-payment penalty.Organto may pay a finder's fees of 7% in cash and 7% in broker warrants on the total amount of Convertible Notes sold by any finder.All securities issued pursuant to the Convertible Note Financing will be subject to a four month hold period (the \"Hold Period\") beginning on the date the Convertible Notes are issued. The Convertible Note Financing is subject to the acceptance of the TSX-V.Steve BromleyChair and Interim Chief Executive OfficerNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.For more information contact:Investor [email protected] ORGANTOOrganto's business model is rooted in its commitment to sustainable business practices focused on environmental responsibility and a commitment to the communities where it operates, its people and its shareholders. The Organto Foods Group is an integrated provider of year-round value-added branded organic vegetables and seasonal organic and non-GMO f...