Torys LLP represented Village Farms on the offering.
On January 15, 2021, Village Farms International, Inc. announced that it entered into definitive agreements with certain institutional investors for the purchase and sale of an aggregate of 10,887,097 common shares in a registered direct offering, for expected gross proceeds of approximately US$135 million (approximately C$171 million). Each share is being sold at a public offering price of US$12.40 (approximately C$15.70) per share.
A.G.P./Alliance Global Partners and Raymond James (USA) Ltd. are acting as co-lead placement agents for the offering and Roth Capital Partners as a co-placement agent. Beacon Securities Limited is acting as financial advisor.
The offering is expected to close on or about January 20, 2021, subject to customary closing conditions, including applicable stock exchange approvals.
The net proceeds from this offering are intended to be used for general working capital purposes.
Village Farms is one of the largest and longest-operating greenhouse growers in North America, and is leveraging its decades of experience as a large-scale, low-cost intensive agriculture and vertically integrated produce supplier to pursue high-value, high-growth plant-based Consumer Packaged Goods opportunities in cannabis and CBD in North America and select markets internationally.
The Torys team included Michael Zackheim (picture), Brett Saulnier and Alison Shamie (corporate/Canadian securities), Chris Bornhorst and Nicholas Clarkin (U.S. securities).
Law Firms: Torys LLP;
Clients: Village Farms International Inc;