Business
Village Farms International Announces US$49.8 Million Registered Direct Offering
VANCOUVER, BC, Sept. 8, 2020 /PRNewswire/ - Village Farms International, Inc. ("Village Farms" or the "Company") (NASDAQ: VFF) (TSX: VFF), announced today
About this update from Village Farms International, Inc.
[{"type":"text","content":"VANCOUVER, BC, Sept. 8, 2020 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (NASDAQ: VFF) (TSX: VFF), announced today that it has entered into definitive agreements with certain institutional investors for the purchase and sale of an aggregate of 9,396,226 units in a registered direct offering, for expected gross proceeds of approximately US$49.8 million before placement agent fees and other offering expenses payable by Village Farms.\nEach unit is being sold at a public offering price of US$5.30 and consists of one common share and a warrant to purchase one half of a common share at an exercise price of US$5.80. The warrants will be exercisable beginning on March 10, 2021 and will expire five years from the date of issuance. \nThe closing of the offering is subject to customary closing conditions, including applicable stock exchange approvals, and is expected to close on or about September 10, 2020. Village Farms intends to use up to US$40 million of the net proceeds from this offering to finance a portion of the acquisition of 36,958,500 common shares in the capital of Pure Sunfarms Corp. (\"Pure Sunfarms\"), representing 41.3% of the issued and outstanding common shares of Pure Sunfarms and all of the remaining common shares of Pure Sunfarms not held by the Company, as separately announced by the Company today. The remaining net proceeds from this offering are intended to be used for general working capital. \nA.G.P./Alliance Global Partners is acting as sole placement agent for the offering. Beacon Securities Limited is acting as financial advisor for the offering.\nThe securities described above are being offered by Village Farms pursuant to a registration statement on Form S-3 (File No. 333-237792) that was declared effective by the Securities and Exchange Commission (\"SEC\") on May 6, 2020. 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 212-624-2006 or email: [email protected].\nThis press release shall not constitute an offer to sell...