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VANCOUVER, April 18, 2019 /CNW/ - Village Farms
International, Inc. ("Village Farms" or the
"Company") (TSX: VFF) (NASDAQ: VFF) announced today that it
has completed its previously announced bought deal offering of
1,000,000 common shares (the "Offered Shares") in the
capital of the Company at a price of $20.00 per Offered Share for aggregate gross
proceeds to the Company of $20,000,000 (the "Offering"). The Offering
was conducted by a syndicate of underwriters led by Beacon
Securities Limited, and including Canaccord Genuity Corp. and GMP
Securities L.P.
The Company intends to use the net proceeds for working capital
purposes, including the growth capital needs of the Company's U.S.
hemp business. Further details can be found in the Company's short
form prospectus dated April 12, 2019,
which is available on SEDAR at www.sedar.com.
Upon closing of the Offering, there were 49,112,003 issued
and outstanding common shares of the Company.
The Offered Shares have not been, and will not be, registered
under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any U.S. state securities laws,
and may not be offered or sold in the
United States or to, or for the account or benefit of,
United States persons absent
registration or any applicable exemption from the registration
requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This press release does not constitute an offer to
sell or the solicitation of an offer to buy securities in
the United States, nor in any
other jurisdiction.
About Village Farms International, Inc.
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. Village Farms produces and distributes
fresh, premium-quality produce with consistency 365 days a year to
national grocers in the U.S. and Canada from more than nine million square feet
of Controlled Environment Agriculture (CEA) greenhouses in
British Columbia and Texas, as well as from its partner greenhouses
in British Columbia, Ontario and Mexico. The Company is now leveraging its 30
years of experience as a vertically integrated grower for the
rapidly emerging global cannabis opportunity through its 50%
ownership of British
Columbia-based Pure Sunfarms Corp., one of the single
largest cannabis growing operations in the world. The Company also
intends to pursue opportunities to become a vertically integrated
leader in the U.S. hemp-derived CBD market, subject to compliance
with all applicable U.S. federal and state laws. Village Farms has
established a joint venture, Village Fields Hemp USA, LLC, for multi-state outdoor hemp
cultivation and CBD extraction and plans to pursue controlled
environment hemp production at its Texas greenhouse operations, which total 5.7
million square feet of production area, subject to legalization of
hemp in Texas.
Cautionary Language Regarding Forward-Looking
Statements
Certain statements contained in this press release constitute
forward-looking information within the meaning of applicable
securities laws ("forward-looking statements"). Forward-looking
statements include, but are not limited to, statements concerning:
(i) the Offering; and (ii) the use of the proceeds of the Offering.
Forward-looking statements may relate to the Company's future
outlook or financial position and anticipated events or results and
may include statements regarding the financial position, business
strategy, budgets, litigation, projected production, projected
costs, capital expenditures, financial results, taxes, plans and
objectives of or involving the Company. Particularly, statements
regarding future results, performance, achievements, prospects or
opportunities for the Company, Pure Sunfarms Corp., the greenhouse
vegetable industry or the cannabis and hemp industries are
forward-looking statements. In some cases, forward-looking
information can be identified by such terms as "outlook", "may",
"might", "will", "could", "should", "would", "occur", "expect",
"plan", "anticipate", "believe", "intend", "estimate", "predict",
"potential", "continue", "likely", "schedule", "objectives", or the
negative or grammatical variation thereof or other similar
expressions concerning matters that are not historical facts.
Although the forward-looking statements contained in this press
release are based upon assumptions that management believes are
reasonable based on information currently available to management,
there can be no assurance that actual results will be consistent
with these forward-looking statements. Forward-looking statements
necessarily involve known and unknown risks and uncertainties, many
of which are beyond the Company's control, that may cause the
Company's or the industry's actual results, performance,
achievements, prospects and opportunities in future periods to
differ materially from those expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, the factors contained in the Company's filings
with U.S. and Canadian securities regulators, including as detailed
in the Company's annual information form and management's
discussion and analysis for the year-ended December 31, 2018. When relying on
forward-looking statements to make decisions, the Company cautions
readers not to place undue reliance on these statements, as
forward-looking statements involve significant risks and
uncertainties and should not be read as guarantees of future
results, performance, achievements, prospects and opportunities.
The forward-looking statements made in this press release only
relate to events or information as of the date on which the
statements are made in this press release. Except as required by
law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE Village Farms International, Inc.