Business
Organto Receives Final Acceptance of Shareholders and TSX Venture Exchange to Issue Shares Related to Acquisition of Medicannabis SAS in Colombia
Organto Receives Final Acceptance of Shareholders and TSX Venture Exchange to Issue Shares...
About this update from Organto Foods, Inc.
[{"type":"text","content":"\n\n\n\nOrganto Receives Final Acceptance of Shareholders and TSX Venture Exchange to Issue Shares Related to Acquisition of Medicannabis SAS in Colombia\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, April 9, 2019\n\n\n\nVANCOUVER, April 9, 2019 /CNW/ - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF) ('Organto\"). Organto today announced that is has received final acceptance of the TSX Venture Exchange to issue 7,000,000 common shares (\"Acquisition Shares\") to the original shareholders of Medicannabis S.A.S. (\"Medicannabis\"), a privately held Colombian medicinal cannabis company which was acquired by Organto in November 2018.  In addition, Organto will issue 461,538 common shares (\"Finder's Shares\") as a finder's fee in accordance with the policies of the TSX Venture Exchange.  \nIssuance of these shares was contractually subject to receipt of a cultivation license representing one of the licenses that have been applied for in Colombia by Medicannabis, final acceptance of the TSX Venture Exchange, and shareholder approval for the transaction via consent resolution which has been received.  The licensing process for the remaining applications is ongoing and Organto remains optimistic that these will be granted in 2019.  \nThe Acquisition Shares and Finder's Shares will be subject to a four month hold period under applicable securities regulations which will expire on August 8, 2019 and will also be subject to contractual release limitations over a three-year period.\n\"We continue to believe that the procurement and distribution of cannabis related products is a logical and complementary extension to our current fruits and vegetable business, given the rapid legalization of cannabis globally.\" commented Steve Bromley, Chair and Interim Chief Executive Officer of Organto Foods Inc. \"While organic fruits and vegetables will continue to be the mainstay of our business, we believe the addition of a self-standing cannabis distribution division opens up a wide array of options for Organto to create long-term value for...