Organto Announces Debt Settlement and Options Grants

About this update from Organto Foods, Inc.

[{"type":"text","content":"\n\n\n\nOrganto Announces Debt Settlement and Options Grants\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Dec. 14, 2018\n\n\n\nVANCOUVER, Dec. 14, 2018 /CNW/ - Organto Foods Inc. (TSXV: OGO) (OTC: OGOFF) (\"Organto\" or \"the Company\"), an integrated provider of value-added organic vegetable and fruit products today announced that it has completed three of its four previously announced shares-for-debt transactions for a total of 3,024,294 shares and has granted incentive stock options to certain of its directors, officers, employees and advisors.\nColumbus Gold Corp. will be issued 2,524,294 shares to settle $293,325 for accounting, financial reporting and other administrative services provided by Columbus to Organto during the period December 2015 through May 2017.\nTwo independent directors will each be issued 200,000 shares to settle $26,000 for fees incurred during the period December 2015 through December 2016.\nA former financial services provider will be issued 100,000 shares as part of an agreement to settle outstanding claims of $7,000 from 2017.\nThe fourth shares-for-debt transaction is for 1,066,666 shares to settle $80,000 of fees incurred in 2016 with a former officer and is subject to dis-interested shareholder approval being sought at Organto's upcoming annual shareholders meeting on December 18, 2018.\nIn addition, the Company has granted incentive stock options as part of its annual review to certain of its directors, officers, employees and advisors to purchase up to an aggregate of 6,250,000 common shares at an exercise price of $0.135 per share. 1,405,000 of the options vest immediately. 2,180,000 will vest after one year, 1,405,000 will vest on the second anniversary of the grant and 630,000 on the third and fourth anniversaries of the grant. All of the foregoing options expire on December 10, 2023.\nON BEHALF OF THE BOARD,\nSteve BromleyChair and Interim Chief Executive Officer\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of...

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