By Laura Lutz
Chicago, Oct. 19 - Organic To Go Food Corp. raised $4.28 million from the first tranche of a $6 million private placement of stock.
The first tranche consisted of 2,443,000 common shares at $1.75 each along with warrants for 1,099,350 shares.
The warrants are exercisable at $2.50 for five years.
Final settlement was expected within five days, as of an 8-K filed with the Securities and Exchange Commission on Thursday.
Seattle-based Organic To Go operates casual restaurants that sell organic food.
| Issuer: | Organic To Go Corp.
|
| Issue: | Stock
|
| Amount: | $4.28 million
|
| Shares: | 2,443,000
|
| Price: | $1.75
|
| Warrants: | For 1,099,350 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.50
|
| Announcement date: | Oct. 18
|
| Stock symbol: | OTCBB: OTGO
|
| Stock price: | $1.80 at close Oct. 19
|
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