Organto Foods Secures $8 Million Through Private Placement

Organto Foods Inc. has completed an $8 million non-brokered private placement, issuing 16 million units at $0.50 each. Each unit includes one common share and a half warrant, with a full warrant allowing purchase of an additional share at $0.75 valid for 18 months. Warrants may have accelerated expiry if share prices stay above $1.00 for ten consecutive days.

Finder's fees totaled $600,000 cash and 1.2 million warrants. Proceeds aim to bolster Organto's organic product platform, enhance its technology, and possibly reduce short-term debt. The placement awaits necessary approvals.

CEO Steve Bromley highlighted confidence from investors, noting the move enhances Organto's growth capacity in organic produce and strengthens its market strategies.