Organto Foods Inc. announced a private placement of 5,750,000 common shares at a price of CAD 0.10 per share for the gross proceeds of CAD 575,000 on April 15, 2024. The transaction included participation from new individual investor Steve Bromley for 5,150,000 common shares under the Private Placement for a total purchase price of CAD 515,000. Prior to the Private Placement, Bromley held or exercised control over an aggregate of 1,166,033 common shares and convertible securities exercisable to acquire 254,576 common shares of the company representing 4.08% on a non-diluted basis and 4.93% on a partially diluted basis.

On closing of the Private Placement, the securities held or controlled by Bromley will represent 18.40% of issued and outstanding common shares on a non-diluted basis and 19.01% of issued and outstanding common shares calculated on a partially-diluted basis. Bromley is acquiring the securities for investment purposes and may, from time to time, acquire additional securities of the company, dispose of some or all of the securities of the company that it holds or continue to hold such securities. The closing of the Private Placement is subject to the approval of the TSX Venture Exchange.

The company intends to close the Private Placement immediately upon receipt of such approval. The common shares issued in this Private Placement are subject to a four-month hold period expiring on August 16, 2024. No finder?s fees will be paid.