Village Farms International (NASDAQ: VFF) (TSX: VFF) has closed a sale of 10,887,097 common shares to certain institutional investors. According to the update, Village Farms secured approximately US$135 million (approximately CA$171 million) in gross proceeds, with each of the shares sold at the price of US$12.40 (approximately CA$15.70). The company intends to use the proceeds for general working capital purposes. ROTH Capital Partners acted as co-placement agent for the offering.
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About Village Farms International Inc.
Village Farms is one of the largest and longest-operating greenhouse growers in North America, and is leveraging its decades of experience in large-scale, low-cost intensive agriculture and as a vertically integrated produce supplier to pursue high-value, high-growth plant-based consumer packaged goods opportunities in cannabis and CBD in North America and selected markets internationally. In Canada, British-Columbia-based Pure Sunfarms is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer, one of the best-selling brands, and has generated profitability for seven consecutive quarters. In the U.S., subject to compliance with all applicable U.S. federal and state laws, Village Farms is pursuing a strategy to become a leading developer and supplier of branded and white-labeled CBD products targeting “big box” and other major retailers and consumer packaged goods companies, and with one the largest greenhouse operations in the country, is well positioned for the potential federal legalization of high-THC cannabis. Internationally, Village Farms is strategically targeting selected, nascent, legal cannabis and CBD opportunities with significant long-term potential, with an initial focus on the Asia-Pacific region through its investment in Australia-based Altum International. For more information about the company, please visit www.VillageFarms.com.
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