Village Farms To Conduct $10 Million Financing

It appears that Tilray Inc (NASDAQ: TLRY) isn’t the only cannabis firm searching for cash despite the current market environment. This morning, Village Farms International (TSX: VFF) (NASDAQ: VFF) announced a registered direct offering to the tune of $10 million.

The offering is being conducted by that of Beacon Securities, whom is working as the sole underwriter for the financing. Village Farms has agreed to issue up to 3,125,000 common shares in connection with the offering, at a price per share of $3.20 for gross proceeds of $10.0 million. An over allotment option also exists, for up to 15% in additional shares.

The offering is expected to close by March 24, with gross proceeds to be used for working capital and general corporate purposes. As of the last reporting period, which was September 30, 2019, Village Farms had US$6.7 million in cash on hand, subsequent to which it conducted a bought deal financing for net proceeds of C$26.9 million.

Village Farms last traded at $3.59 on the TSX.


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.

Video Articles

Tariffs Spark New Race for Critical Metals | Rob McEwen

Antimony Resources: The Bald Hill Project

They Laughed at $3,000 Gold, Now We’re Headed for $4,000! | Sean Roosen – Osisko Development Corp.

Recommended

Steadright Begins Preliminary Economic Assessment On TitanBeach Project

Three Miners Trapped Underground At Newmont’s Red Chris Mine

Related News

Village Farms’ Pure Sunfarms Launches Cannabis 2.0 Products In BC

Village Farms (TSX: VFF) (NASDAQ: VFF) and Emerald Health Therapeutics (TSXV: EMH) individually announced this...

Tuesday, August 25, 2020, 08:34:35 AM

Sundial Growers Takes 7.3% Stake In Village Farms

Sundial Growers (NASDAQ: SNDL) continues to express interest in acquiring Canadian based cannabis operations. After...

Tuesday, January 4, 2022, 12:26:11 PM

Raymond James: Villages Farms Worth Upwards Of $27 Following Full Pure Sunfarms Ownership

Today, analyst Rahul Sarugaser from Raymond James sent out a note to investors about Village...

Tuesday, August 25, 2020, 04:25:08 PM

Village Farms Gets A Boost From Raymond James

Last Thursday, Raymond James’ increased their 12-month price target on Village Farms (TSX: VFF) (NASDAQ:...

Monday, January 25, 2021, 04:11:28 PM

Village Farms Drops US$75 Million Stepping Into US CBD Space

Evidently Village Farms (NASDAQ: VFF) (TSX: VFF) has shifted its focus to the US market....

Monday, August 16, 2021, 07:43:00 AM