Business
Village Farms International Completes US$49.8 Million Registered Direct Offering
VANCOUVER, BC, Sept. 10, 2020 /PRNewswire/ - Village Farms International, Inc. ("Village Farms" or the "Company") (NASDAQ: VFF) (TSX: VFF) today announced
About this update from Village Farms International, Inc.
[{"type":"text","content":"VANCOUVER, BC, Sept. 10, 2020 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (NASDAQ: VFF) (TSX: VFF) today announced that it has closed its previously announced registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 9,396,226 units at a purchase price of US$5.30 per unit for gross proceeds of approximately US$49.8 million before placement agent fees and other offering expenses payable by Village Farms.\nEach unit that was sold consists of one common share of Village Farms and a one-half (0.5) of a warrant to purchase a common share of Village Farms at an exercise price of US$5.80. The warrants will be exercisable beginning on March 10, 2021 and will expire on September 10, 2025. \nVillage 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 announced by the Company on September 8, 2020. The remaining net proceeds from this offering are intended to be used for general working capital. \nUpon closing of the offering, there were 65,951,810 issued and outstanding common shares of Village Farms.\nA.G.P./Alliance Global Partners acted as sole 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 as a large-scale, low-cost intensive agriculture and 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-base...