Business
Organto Announces Non-Brokered Private Placement
Funds To Be Used To Capitalize on Growth Opportunities TORONTO, ON and BREDA, THE NETHERLANDS...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Announces Non-Brokered Private PlacementFunds To Be Used To Capitalize on Growth OpportunitiesTORONTO, ON and BREDA, THE NETHERLANDS / ACCESSWIRE / November 14, 2023 / Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF)(FSE:OGF) (\"Organto\" or \"the Company\"), a leading provider of organic and non-GMO fresh fruit and vegetable products, today announced that it intends to raise up to CDN $2.0 million through a non-brokered private placement of common shares (the \"Offering\"). Insiders and cornerstone investors have committed to participate in this offering as per the proposed terms. The funds raised are expected to be used by the Company to fund growth opportunities and for general working capital purposes.\"We have realized strong growth in our business throughout 2023, and believe we are positioned to accelerate this growth in 2024, leveraging the retail customer base we have built, adding new customers to this base, expanding our supply partnerships to meet this demand, deepening our branded products presence, and expanding into new geographies. These growth investments will be made in concert with a strong focus on achieving positive EBITDA in the first half of 2024.\" commented Steve Bromley, Chair and Co-CEO of Organto Foods Inc. and Rients van der Wal, Co-CEO of Organto Foods Inc. and CEO of Organto Europe B.V.\"Non-Brokered Private PlacementThe Company intends to raise up to CDN $2.0 million in gross proceeds via a non-brokered private placement for 6,060,606 common shares at a price of $0.33 per share. The Offering is expected to close on or about November 28th, 2023, or such other date as determined by the Company, and is subject to certain conditions including, ‎but not limited to receipt of TSX Venture Exchange acceptance. The Company may pay certain eligible finders a finder's fee comprised of a cash commission of up ‎to 6% of the gross proceeds of the Offering and finder's warrants equal to up to 6% of ‎gross proceeds under the Offering. Such finder's warrants shall entitle the holder to acquire one ‎common share of the Company at a price of $0.50 for a period of 24 months from the Closing ‎Date. All securities issued in connection with the Offering will be subject to a hold period of four months from the date of closing.This news release does not constitute an offer to sell or a...