Business
Organto Provides Update on Private Placement Financing
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Provides Update on Private Placement Financing NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, ON and BREDA, THE NETHERLANDS / ACCESSWIRE / December 5, 2023 / Organto Foods Inc. (TSXV:OGO)(OTCQB:OGOFF)(FSE:OGF) (\"Organto\" or \"the Company\"), an integrated provider of branded, private label and bulk distributed organic and non-GMO fruit and vegetable products today provided an update on its previously announced common share private placement financing (the \"Private Placement\") (see November 14, 2023 news release).To date the Company has raised a total of CDN $758,000 through the sale of 2,296,970 common shares at a price of CDN $0.33 per share. Certain directors, officers and insiders of the Company directly, through entities controlled by them, or through entities for which they exercise control or direction over investment decisions, have purchased an aggregate of 1,751,515 common shares for gross proceeds of CDN $578,000. Under Canadian securities laws, the securities are subject to a hold period expiring on April 7th, 2024. No finder's fees are payable on the shares purchased thus far.The Company also has secured further commitments for CDN $575,000 to be closed in further tranches, with the next tranche expected to close on December 11th or as soon as practically possible.All tranches of the Private Placement remain subject to acceptance by the TSX Venture Exchange.Organto plans to use the proceeds from the Private Placement for funding growth initiatives and for general working capital purposes.The securities offered have not been registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\"), or any state securities laws and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.ON BEHALF OF THE COMPANY,Steve BromleyChair and Co-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] Rathwell, Senior Vice President, Corporate Development and...