Non-brokered deal sells 7 million shares at C$0.30, a 30.44% premium
By Devika Patel
Knoxville, Tenn., July 28 – Organto Foods Inc. said it raised C$552,043 in the first tranche of a C$2.1 million non-brokered private placement of stock. The deal priced for C$2.45 million on May 16 and was revised to raise C$2.1 million on July 22.
The company is selling 7 million common shares at C$0.30 apiece, a 30.44% premium to the July 20 closing share price of C$0.23. It sold 1,840,143 shares in the initial tranche.
Proceeds will be used to advance Organto’s build-out of Argentina, to expand its existing operations in Guatemala and for general working capital purposes.
Vancouver, B.C.-based Organto provides organic produce from its farms and greenhouses mostly located in Guatemala.
| Issuer: | Organto Foods Inc.
|
| Issue: | Common stock
|
| Amount: | C$2.1 million
|
| Shares: | 7 million
|
| Price: | C$0.30
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 16
|
| Revised: | July 21
|
| Settlement date: | July 28 (for C$552,043)
|
| Stock symbol: | TSX Venture: HTI.H
|
| Stock price: | C$0.23 at close July 20
|
| Market capitalization: | C$17.06 million
|
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