A leading independent organic grocer has announced its non-brokered private placement offering.

According to a Dec. 31 release, Organic Garage Ltd. issued 4 million units at a price of 25 cents per unit for aggregate proceeds of $1 million.

A unit consists of one common share and one common share purchase warrant. The holder is qualified to add one additional common share priced at $0.33 for a period of two years after the closing date.

Net proceeds of the offering will be used for working capital and general corporate purposes and to upgrade and renovate Orange Garage's site in Oakville to align with its brand and other stores.

The offering has received conditional approval and will remain subject to the final approval of the TSX Venture Exchange. 

"No finder or broker fees were paid pursuant to the offering. All securities issued in connection with the offering are subject to a four-month hold period expiring on May 1," according to the release.

Orange Garage Ltd. was founded in 2005 by Matt Lurie, president and fourth-generation grocer, who saw an opportunity out of high-priced healthy food options. The company operates several organic and all-natural grocery stores that offer a wide selection of products such as meat, grocery products, bakery, beauty, vitamins and health at affordable prices. 

Its first store opened in Oakville in 2006 while its headquarters is located in Toronto. Today, it is considered one of the top independent organic grocers in Canada. 

Its grocery chain is located in prime retail locations to enable consumers to have an "inclusive, unique and value-focused grocery shopping experience," according to the release. 

Orange Garage Ltd. continues to expand its retail stores within the Greater Toronto area with a tagline of "Healthier food for less!"

To know more about Orange Garage Ltd., please visit its website at www.organicgarage.com.