VANCOUVER, March 24, 2020 /PRNewswire/ - Village Farms
International, Inc. ("Village Farms" or the
"Company") (TSX: VFF) (NASDAQ: VFF) announced today that it
has completed its previously announced underwritten public offering
of 3,125,000 common shares in the capital of the Company
("Common Shares") plus the exercise in full of the
over-allotment option of 468,750 Common Shares (the "Offered
Shares") at a price of $3.20
per Offered Share for aggregate gross proceeds to the Company of
$11,500,000 (the "Offering"). The Offering was
conducted by Beacon Securities Limited (the "Underwriter"),
as sole underwriter. (All figures are expressed in Canadian
dollars.)
The net proceeds to the Company from the Offering, after
deducting the Underwriter's fee of $0.69
million, but before deducting the expenses of the Offering,
were $10.81 million.
"Village Farms' ability to complete this public offering of
common shares in today's unprecedented capital markets and economic
environment is a testament to investor confidence in the strength
and future of our company," said Michael
DeGiglio, CEO of Village Farms.
The Company intends to use the net proceeds of the Offering 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.
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 majority 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 two joint ventures, Village Fields Hemp and
Arkansas Valley Green and Gold Hemp, for outdoor hemp cultivation
and CBD extraction and is pursuing controlled environment hemp
production at a portion of its Texas greenhouse operations, which total 5.7
million square feet of production area.
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 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.
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SOURCE Village Farms International, Inc.