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Organto Foods Inc. (OGOFF) is a leading provider of organic and non-GMO fruit and vegetable products, offering branded, private label, and distributed items globally. With a focus on environmental responsibility and sustainable business practices, Organto serves health-conscious consumers through its strategic asset-light model. Recent developments include a management cease trade order to finalize annual financial statements and the divestiture of three Dutch subsidiaries to enhance financial stability.
Organto Foods has successfully closed the third tranche of its unsecured convertible debenture financing, raising $500,000 in gross proceeds. This financing is part of a larger fundraising effort that has generated total gross proceeds of CAD $1,033,000. The debentures carry a 10% annual interest rate and mature in December 2024, convertible into common shares at CDN $0.30 per share. If Organto's share price exceeds CDN $0.45 for 10 consecutive trading days, the company may accelerate conversion. The funds will support growth initiatives and general working capital.
Organto Foods has successfully completed the second tranche of its private placement of unsecured convertible debentures, raising $238,000. The debentures carry a 10% annual interest rate, maturing in February 2025, and can be converted into common shares at CDN $0.30 each. If Organto's shares exceed CDN $0.45 for 10 consecutive trading days, conversion may be accelerated. Total fundraising from this placement may reach $1.1 million. The funds will support growth initiatives and general working capital, pending final acceptance from the TSX Venture Exchange.
Organto Foods Inc. (OTCQB:OGOFF) has successfully closed the first tranche of its private placement of unsecured convertible debentures, raising $295,000 in gross proceeds. The debentures will mature in February 2025, carrying a 10% annual interest rate and convertible into common shares at CDN $0.30 per share. Organto aims to raise a total of $1.1 million through multiple tranches to support growth initiatives and general working capital. The company has also relocated its head office to Toronto, Ontario.
Organto Foods Inc. projects significant growth for fiscal 2023, estimating a sales increase of approximately 135% and a gross profit growth of around 200% compared to 2022. The company expects to achieve EBITDA positivity in the latter half of the year, alongside the full integration of its recent acquisition, The New Fruit Group. In Q4 2022, Organto recorded sales of approximately $5.5 million, marking a 12% year-over-year increase. The company also reported a strong year-end cash balance of $5.8 million. Despite facing macroeconomic challenges, management remains optimistic about capturing growth opportunities in the organic produce market.
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