Organto Confirms Amendments to Convertible Debentures and Cancellation of Debentureholder Meeting

Organto Foods Inc., a leader in organic and non-GMO fruit and vegetable products, announced the approval of amendments to its convertible debentures by Debentureholders, cancelling the need for a scheduled meeting. These debentures, with a due date of November 30, 2026, will see changes including a 50% conversion into common shares at $0.30 per share, an extension of maturity dates, and an adjustment of the conversion price to $0.60, with an accelerated price of $0.90. The consent received from Debentureholders exceeded the required threshold, making the amendments effective and binding upon execution of a supplemental indenture expected around March 31, 2024. This move aligns with Organto's objectives to reduce debt and increase equity, pending approval from the TSX Venture Exchange.