- Organto Foods (OTCQB:OGOFF) said on Friday it was targeting a substantial reduction in convertible debenture debt on its balance sheet and a corresponding increase in equity.
- OGOFF added it was working with its existing convertible note and debenture holders to convert a portion of the existing convertible notes and convertible debentures into common shares of the company.
- The company said it had not paid interest amounts due December 29, 2023, and has been in discussions with the convertible note and debenture holders.
- OGOFF said it believes a majority of the holders have agreed in principle to sign a forbearance agreement through March 15, 2024.
- The company also announced it will not proceed with its previously announced private placement of common shares.
- OGOFF added it plans to complete a $2M private placement of common shares early in 2024.
- Press Release