Village Farms Conducts Bought Deal Financing at $9.40 Per Share

Village Farms International (TSX: VFF) (NASDAQ: VFF) announced this morning a $25 million bought deal financing, at a price discount of 11% compared to the prior days close. The financing is being conducted by a syndicate of underwriters, co-led by Beacon Securities and GMP Securities L.P.

The financing is to consist of 2,660,000 common shares in Village Farms, at a price per share of $9.40, resulting in a gross aggregate of $25.0 million of additional funding for the cannabis operator. No warrant coverage was provided with the financing. The raise is also subject to a 15% over-allotment option.

The closing of the financing is expected to occur October 22, 2019.

Village Farms International closed yesterday’s session at a price of $10.57 on the Toronto Stock Exchange.

Information for this briefing was found via Sedar and Village Farms International. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.