SEATTLE — Organic To Go has announced that it has closed the sale of the previously announced $5 million secured convertible promissory note to Inventages Whealth Management Inc., one of the world's largest life-sciences, nutrition- and wellness-focused venture capital funds with $1.5 billion under management.
In addition to the $5 million note, as part of the agreement:
- Inventages converted $10 million of existing notes into common stock of the company.
- The maturity date of the $3 million note, which was issued to Inventages on Dec. 2, has also been extended until March 17, 2010, to coincide with the maturity date of the current $5 million secured convertible promissory note.
Changes to the board of directors
Also as part of the agreement, effective Feb. 19:
- Four members of the seven-person Organic To Go board of directors (Dave Smith, Roy Bingham, Peter Meehan and Douglas Lioon) have resigned. Remaining are Jason Brown, Hass Hassan and Gunnar Weikert.
- Wolfgang Reichenberger was appointed to the board effective immediately.
