Organto Foods Launches C$1.0 Million Private Placement

Organto Foods Inc. announced plans for a non-brokered private placement to raise up to C$1 million. The placement aims to issue 4,000,000 units at C$0.25 each, with each unit comprising one common share and half a share purchase warrant. Holders can buy an additional share at C$0.35 within 18 months.

Company CEO Steve Bromley highlighted the positive first-quarter sales growth of 193.5% and gross profit increase of 298.1%. He attributed this to strategic restructuring, noting the private placement's timing aligns with the firm’s judicious financial management amid recent operational improvements.

Proceeds will fund general working capital. Certain directors may participate in this related party transaction, which is exempt from some regulatory requirements. Completion awaits approvals and will include a mandatory hold period on securities.