Oragin Foods Announces Conversion of Debenture Interest Into Equity
June 08 2022 - 5:00PM
Business Wire
Oragin Foods Inc. (“ORAGIN” or the “Company”)
(TSXV: OG) (OTCQX: OGGFF) (FRA: 9CW), in accordance with the terms
and conditions of the convertible debenture issued on October 25,
2019 (the “Debentures”), has agreed subject to the approval
of the TSX Venture Exchange (the “TSXV”), to issue 365,386 common
shares (the “Shares”) as settlement of payments of interest
equal to $71,250.00 accrued between February 1 and April 30,
2022.
In a news release dated October 25, 2019, the Company had
announced the completion of a private placement offering of the
Debentures and the terms of such offering. Such terms include the
requirement to pay accrued interest on and during the term of the
Debentures to their holders within 30 days of each fiscal quarter
by way of issuance of common shares at a conversion price equal to
the Market Price (as defined in the polices of the TSXV at the time
of conversion, subject to TSXV approval. The Shares will be issued
at $0.195 per Share and will be subject to a statutory four-month
hold period beginning as of the date of issuance of the Shares. The
transaction is subject to the approval of the TSXV.
About Oragin Foods Inc.
Oragin Foods Inc (TSXV: OG) (OTCQX: OGGFF) (FRA: 9CW) is a
Canadian multi-pronged food company where new and innovative food
and beverage brands are developed, acquired, grown and
commercialized through a Consumer Packaged Goods (CPG) Division.
The Company also houses a Retail Division, which owns and operates
one of Canada’s leading natural and organic food retailers Organic
Garage. For more information, please visit the ORAGIN website at
www.oragin.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS
NEWS RELEASE.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein in the United States. The securities described herein have
not been registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”), or any state securities law
and may not be offered or sold in the “United States”, as such term
is defined in Regulation S promulgated under the U.S. Securities
Act, unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration
requirements is available.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements
and forward-looking information (collectively referred to herein as
"forward-looking statements") within the meaning of applicable
Canadian securities laws. All statements other than statements of
present or historical fact are forward-looking statements.
Forward-looking statements are often, but not always, identified by
the use of words such as "anticipate", "achieve", "could",
"believe", "plan", "intend", "objective", "continuous", "ongoing",
"estimate", "outlook", "expect", "may", "will", "project", "should"
or similar words, including negatives thereof, suggesting future
outcomes.
Forward looking statements are subject to both known and unknown
risks, uncertainties and other factors, many of which are beyond
the control of Oragin, that may cause the actual results, level of
activity, performance or achievements of Oragin to be materially
different from those expressed or implied by such forward looking
statements. Although Oragin has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended.
Forward-looking statements are not a guarantee of future
performance and involve a number of risks and uncertainties, some
of which are described herein. Such forward-looking statements
necessarily involve known and unknown risks and uncertainties,
which may cause Oragin's actual performance and results to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements. Any
forward-looking statements are made as of the date hereof and,
except as required by law, Oragin assumes no obligation to publicly
update or revise such statements to reflect new information,
subsequent or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220608006123/en/
Bill Mitoulas T: (416) 479-9547 E: ir@oragin.com W:
www.oragin.com
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