Business
Village Farms International Announces Approximately US$25 Million Registered Direct Offering
VANCOUVER, BC, Jan. 26, 2023 /PRNewswire/ - Village Farms International, Inc. ("Village Farms" or the "Company") (NASDAQ: VFF) announced today that it has
About this update from Village Farms International, Inc.
[{"type":"text","content":"VANCOUVER, BC, Jan. 26, 2023 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (NASDAQ: VFF) announced today that it has entered into definitive agreements with certain institutional investors for the purchase and sale of 18,350,000 of its common shares together with warrants to purchase up to 18,350,000 common shares, pursuant to a registered direct offering. The common shares and warrants are being sold at a combined purchase price of US$1.35 per share and accompanying warrant for expected gross proceeds of approximately US$25 million, before deducting placement agent fees and other offering expenses payable by Village Farms. The warrants will have an exercise price of US$1.65, will be exercisable beginning six months from issuance and will expire five years from the date of initial exercisability.\nThe closing of the offering is subject to customary closing conditions, and is expected to close on or about January 30, 2023. The net proceeds from this offering are intended to be used for general working capital purposes. \nA.G.P./Alliance Global Partners and Cantor Fitzgerald & Co. are acting as co-lead placement agents for the offering.\nThe securities described above are being offered by Village Farms pursuant to a registration statement on Form S-3 (File No. 333-257857) that was declared effective by the Securities and Exchange Commission (\"SEC\") on June 21, 2022. A final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's web site at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, by contacting A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022 or via telephone at 212-624-2060 or email: [email protected]. Copies may also be obtained, when available, from Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 4th Floor, New York, New York 10022 or by email at [email protected]\nThis press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such...