Business
Village Farms International Completes US$135 Million Registered Direct Offering
VANCOUVER, BC, Jan. 20, 2021 /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, Jan. 20, 2021 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (NASDAQ: VFF) (TSX: VFF), announced today that it has closed its previously announced registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 10,887,097 common shares at a purchase price of US$12.40 (approximately CA$15.70) per unit for gross proceeds of approximately US$135 million (approximately CA$171 million) before placement agent fees and other offering expenses payable by Village Farms. \nThe net proceeds from this offering are intended to be used for general working capital purposes. \nUpon closing of the offering there were 77,818,908 issued and outstanding common shares of Village Farms.\nA.G.P./Alliance Global Partners and Raymond James (USA) Ltd. acted as co-lead placement agents and Roth Capital Partners acted as co-placement agent for the offering. Beacon Securities Limited acted as financial advisor for the offering.\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 state or jurisdiction.\nAbout Village Farms International, Inc.\nVillage Farms is one of the largest and longest-operating greenhouse growers in North America, and is leveraging its decades of experience in large-scale, low-cost intensive agriculture and as a vertically integrated produce supplier to pursue high-value, high-growth plant-based Consumer Packaged Goods opportunities in cannabis and CBD in North America and selected markets internationally.\nIn Canada, British-Columbia-based Pure Sunfarms is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer, one of the best-selling brands, and has generated profitability for seven consecutive quarters.\nIn the U.S., subject to compliance with all applicable U.S. federal and state laws, Village Farms is pursuing a strategy to become a leading developer and supplier of branded and white-labeled CBD products targeting \"big box\" and other major retailers and consumer packaged goods companies, and with one the largest greenhouse operations in...