VANCOUVER, Dec. 14, 2018 /CNW/ - Organto Foods Inc.
(TSXV: OGO) (OTC: OGOFF) ("Organto" or "the Company"), an
integrated provider of value-added organic vegetable and fruit
products today announced that it 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 advisors.
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 dis-interested
shareholder approval being sought at Organto's upcoming annual
shareholders meeting on December 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 advisors to purchase up to an aggregate of 6,250,000
common shares at an exercise price of $0.135 per share. 1,405,000 of the options
vest immediately. 2,180,000 will vest after one year,
1,405,000 will vest on the second anniversary of the grant and
630,000 on the third and fourth anniversaries of the
grant. All of the foregoing options expire on December 10, 2023.
ON BEHALF OF THE BOARD,
Steve Bromley
Chair and
Interim 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.
ABOUT ORGANTO
Organto is an integrated provider of year-round value-added
branded organic vegetables and seasonal organic and non-GMO 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. Driven by consumer demand for healthy
and organic food products, its organic foods business operates an
integrated business model with sourcing, logistical and processing
capabilities, providing complete traceability from the table back
to the field. Operations are currently located in Guatemala, The
Netherlands and the USA, as
well as third-party supply from a variety of regions, with plans to
continue to expand supply capabilities via strategic third-party
growers and processors in Africa,
Mexico and other growing regions.
Organto's medicinal cannabis operations were recently established
with the acquisition of Medicannabis S.A.S. based in
Colombia. Subject to receipt of required licenses which have
been applied for, Organto plans to cultivate, process and sell
medicinal cannabis initially in the Colombia market. 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.
SOURCE Organto Foods Inc.