04:02:18 EDT Tue 23 Apr 2024
Enter Symbol
or Name
USA
CA



Organto Foods Inc
Symbol OGO
Shares Issued 158,898,395
Close 2018-12-13 C$ 0.075
Market Cap C$ 11,917,380
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Organto Foods completes 3 shares-for-debt settlements

2018-12-14 09:03 ET - News Release

Mr. Steve Bromley reports

ORGANTO ANNOUNCES DEBT SETTLEMENT AND OPTIONS GRANTS

Organto Foods Inc. has completed three of its four previously announced shares-for-debt transactions for a total of 3,024,294 shares and has granted incentive stock options to certain of its directors, officers, employees and advisers.

Columbus Gold Corp. will be issued 2,524,294 shares to settle $293,325 for accounting, financial reporting and other administrative services provided by Columbus to Organto during the period December, 2015, through May, 2017.

Two independent directors will each be issued 200,000 shares to settle $26,000 for fees incurred during the period December, 2015, through December, 2016.

A former financial services provider will be issued 100,000 shares as part of an agreement to settle outstanding claims of $7,000 from 2017.

The fourth shares-for-debt transaction is for 1,066,666 shares to settle $80,000 of fees incurred in 2016 with a former officer and is subject to disinterested shareholder approval being sought at Organto's coming annual shareholders meeting on Dec. 18, 2018.

In addition, the company has granted incentive stock options as part of its annual review to certain of its directors, officers, employees and advisers to purchase up to an aggregate of 6.25 million common shares at an exercise price of 13.5 cents per share. Of the options, 1,405,000 vest immediately, 2.18 million will vest after one year, 1,405,000 will vest on the second anniversary of the grant, and 630,000 will vest on the third and fourth anniversaries of the grant. All of the foregoing options expire on Dec. 10, 2023.

About Organto Foods Inc.

Organto is an integrated provider of year-round value-added branded organic vegetables and seasonal organic and non-GMO (genetically modified organism) fruit and vegetable products serving a growing socially responsible and health-conscious consumer around the globe. Organto has also recently expanded into medicinal cannabis in order to capture expected global growth in this sector and leverage Organto's diverse sourcing, processing, logistics, import, export and organic certification expertise.

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