Village Farms International completes approximately US$25 million registered direct offering
Torys acted as counsel to Village Farms with a team that included Chris Bornhorst, Connor Murray and Jude Gee (U.S. securities), Michael Zackheim and Christopher Tworzyanski (Canadian securities).
On January 26, 2023, Village Farms International, Inc. ("Village Farms") announced that it entered into definitive agreements with certain institutional investors for the purchase and sale of 18,350,000 of its common shares together with warrants to purchase up to 18,350,000 common shares, pursuant to a registered direct offering.
The common shares and warrants were sold at a combined purchase price of US$1.35 per share and accompanying warrant for gross proceeds of approximately US$25 million, before deducting placement agent fees and other offering expenses payable by Village Farms. The warrants have an exercise price of US$1.65, exercisable beginning six months from issuance and expiring five years from the date of initial exercisability.
Upon closing of the offering, announced January 30, 2023, there were 110,238,929 issued and outstanding common shares of Village Farms.
The net proceeds from the offering are intended to be used for general working capital purposes.
Further information can be found on Canada Newswire’s website.
Village Farms leverages decades of experience as a large-scale, Controlled Environment Agriculture-based, vertically integrated supplier for high-value, high-growth plant-based Consumer Packaged Goods opportunities, with a strong foundation as a leading fresh produce supplier to grocery and large-format retailers throughout the US and Canada, and new high-growth opportunities in the cannabis and CBD categories in North America and selected markets internationally.