Organto Provides Update on Private Placement Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, 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 7^th, 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 11^th 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 Bromley
Chair and Co-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
info@organto.com
John Rathwell, Senior Vice President, Corporate Development and Investor Relations
647 629 0018

ABOUT ORGANTO

Organto is an integrated provider of branded, private label, and distributed organic and non-GMO fruit and vegetable products using a strategic asset-light business model to serve a growing socially responsible and health-conscious consumer around the globe. 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 Organto's business model and markets; Organto's belief that it has secured further commitments of CDN$575,000 for the next tranche of the Private Placement; Organto's belief that it will close the next tranche of the Private Placement on December 11, 2023 or as soon as practically possible; Organto's belief that it will use the proceeds from the Private Placement to fund growth initiatives and for general working capital purposes; 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 and time frame within which Organto's business model will be implemented and product supply will be increased; 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, unfavorable 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, and partners. The foregoing list is not exhaustive and Organto undertakes no obligation to update any of the foregoing except as required by law.

SOURCE: Organto Foods Inc.