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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.