Village Farms closes C$13.5 million bought deal public offering

Torys acted as counsel to Village Farms with a team that included Michael Zackheim and Emily Debono (corporate/securities) and Richard Johnson (tax).

On December 4, 2017, Village Farms International, Inc. ("Village Farms") announced that it entered into an agreement with Beacon Securities Limited ("Beacon"), as lead underwriter, on its own behalf and on behalf of a syndicate of underwriters (together with Beacon, the "Underwriters"), pursuant to which the underwriters agreed to purchase, on a bought deal basis, 2,500,000 common shares in the capital of Village Farms at a price of C$5.40 per offered share for aggregate gross proceeds of C$13,500,000.

The offering closed on December 21, 2017.

The net proceeds of the offering will be used to repay a portion of Village Farms' term loan with a Canadian creditor, which will permit Village Farms to remove its 1.1 million square foot Delta 2 greenhouse facility as collateral against the loan, and for general corporate and working capital purposes.

Village Farms is one of the largest and longest-operating vertically integrated greenhouse growers in North America and the only publicly traded greenhouse produce company in Canada.

Further information can be found on Canada Newswire's website.