Business
Organto Announces $1.1 Million Private Placement
Organto Announces $1.1 Million Private Placement Canada NewsWire VANCOUVER, Oct....
About this update from Organto Foods, Inc.
[{"type":"text","content":"\n\n\n\nOrganto Announces $1.1 Million Private Placement\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, Oct. 26, 2018\n\n\n\nVANCOUVER, Oct. 26, 2018 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) (\"Organto\" or \"the Company\"), an integrated provider of value-added organic vegetables and fruits today announced its intention to complete a non-brokered private placement of 11,000,000 units of Organto (\"Units\") at a price of $0.10 per unit for gross proceeds of up to CDN $1,100,000. Each Unit will consist of one common share and one-half warrant exercisable to purchase one additional Organto common share at a price of CDN $0.20 for a period of 18 months after the closing date. The exercise date of the warrants will be subject to acceleration in the event that the closing price of Organto's common shares on the TSX Venture Exchange, or such other stock exchange on which Organto common shares are primarily traded from time to time, is greater than or equal to CDN $0.25 per share for a period of 10 consecutive trading days (an \"Acceleration Event\") and such Acceleration Event occurs any time after the expiration of the Hold Period (as hereinafter defined). \nOrganto intends to use the proceeds of the private placement to fund ongoing operations, to meet working capital requirements and for general corporate purposes. Organto reserves the right to re-allocate funds from time to time in accordance with company requirements. \nAll securities issued pursuant to the private placement are expected to be subject to a four month hold period (the \"Hold Period\"). The private placement is subject to the acceptance of the TSX-V. \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 the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.\nABOUT ORGANTO\nOrganto is an integrated provider of year-round value-added branded organic vegetables and seasonal organic an...