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,
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.
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.
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