Village Farms completes C$11.5 million cross-border offering

March 24, 2020

Torys represented Village Farms with a team that included Michael Zackheim and Taylor Overing (corporate/Canadian securities) and Mile Kurta, Chris Bornhorst and Jennifer Wang (U.S. securities).

On March 24, 2020, Village Farms International, Inc. ("Village Farms") completed its previously announced cross-border public offering of 3,125,000 common shares of the company, plus the exercise in full of the over-allotment option of 468,750 common shares, at a price of C$3.20 per share for aggregate gross proceeds of C$11,500,000. The offering was conducted by Beacon Securities Limited, as sole underwriter.

Net proceeds from the offering, after deducting the underwriter's fee of C$0.69 million, but before deducting the expenses of the offering, were C$10.81 million. The company intends to use the net proceeds for working capital and general corporate purposes, which may include contributing additional equity capital in Pure Sunfarms Corp.

Upon closing of the offering, there were 56,250,419 issued and outstanding common shares.

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.

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