Organto Closes $1.1 Million Private Placement

About this update from Organto Foods, Inc.

[{"type":"text","content":"\n\n\n\nOrganto Closes $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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Oct. 29, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n VANCOUVER, Oct. 29, 2018 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) (\"Organto\" or \"the Company\"), an integrated provider of value-added organic vegetable and fruit products today announced the closing of its previously announced non-brokered private placement. The placement was fully subscribed with gross proceeds of CDN $1.1 million being raised from the sale of 11,000,000 units of Organto (\"Units\") at a price of $0.10 per Unit.  \nEach Unit consisted of one common share and one-half warrant, with each full warrant exercisable to purchase one additional Organto common share at a price of $0.20 for a period of 18 months after the closing date. The exercise date of the warrants issued are subject to acceleration in the event that the closing price of Organto's common shares on the TSX Venture Exchange is greater than or equal to $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 a four month hold period applicable to the securities issued.   \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\").\nON BEHALF OF THE BOARD,\nSteve Bromley Chair and Interim Chief Executive Officer 1-888-818-1364\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\nOr...

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