Vancouver, B.C. (FSCwire) - Organto Foods Inc. (TSX-V: OGO, OTC: OGOFF)
(“Organto” or “the Company”), today announced its intention to complete a non-brokered private placement of 20,000,000
units of Organto (“Units”) at a price of $0.08 per unit for gross proceeds of up to $1,600,000. Each Organto
unit will consist of one common share and one-half warrant, exercisable to purchase one additional Organto common share at a
price of $0.15 for a period of 12 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 $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).
Subject to the approval of the TSX Venture Exchange (the "TSX-V"), Organto may pay to eligible finder’s fees
equal to 6% of the gross proceeds raised in cash or shares.
Organto 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.
All 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.
ON BEHALF OF THE BOARD,
Steve Bromley
Chair and Interim Chief Executive Officer
Neither 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 Relations
1-888-818-1364
info@organto.com
The securities referred to in this news release have not been, nor will they be, registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or
benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news
release does not constitute an offer of securities for sale, nor a solicitation for offers to buy any securities. Any public
offering of securities in the United States must be made by means of a prospectus containing detailed information about the
company and management, as well as financial statements.
About Organto
Organto is an integrated provider of year-round value-added branded organic vegetables and seasonal organic and non-GMO
fruit and vegetables produce serving a growing socially responsible and health conscious consumer around the globe. Organto
employs a business model that is integrated from the “table to the field”. Driven by consumer demand for healthy and
organic food products, it operates an integrated business model with sourcing, logistical and processing capabilities, providing
complete traceability from the table back to the field. Operations are currently located in Guatemala, The Netherlands and the
USA, as well as third-party supply from a variety of regions, with plans to continue to expand supply capabilities via strategic
third-party growers and processors in Africa, Mexico and other growing regions. Organto’s business model is rooted in its
commitment to sustainable business practices focused on environmental responsibility and a commitment to the communities where it
operates, its people and its shareholders.
Forward Looking Statements
This news release may include certain forward-looking information and statements, as defined by law including without
limitation Canadian securities laws and the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995
(“forward-looking statements”). In particular, and without limitation this news release contains forward-looking statements
respecting the company’s intention to conduct a private placement; the proposed terms of the private placement and the securities
expected to be issued thereunder; the intended use of proceeds raised from the private placement; management’s beliefs,
assumptions and expectations; and general business and economic conditions. Forward-looking statements are based on a number of
assumptions that may prove to be incorrect, including without limitation assumptions about the following: the ability to complete
the proposed private placement at all, or on the terms specified; that target production levels will be achieved as forecast;
cost increases; dependence on suppliers, partners and contractual counter-parties; changes in the business or prospects of
Organto; unforeseen circumstances; risks associated with the organic produce business generally, including inclement weather,
unfavourable growing conditions, low crop yields, variations in crop quality, spoilage, import and export laws and similar risks;
transportation costs and risks; general business and economic conditions; and ongoing relations with distributors, customers,
employees, suppliers, consultants, contractors, partners and joint venturers. The foregoing list is not exhaustive and Organto
undertakes no obligation to update any of the following except as required by law.
To view the original release, please click here
Source: Organto Foods Inc. (TSX Venture:OGO, OTC Pink:OGOFF)
To follow Organto Foods Inc. on your favorite social media platform or financial websites, please click on the icons
below.
Maximum News Dissemination by FSCwire. https://www.fscwire.com
Copyright © 2018 FSCwire