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

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

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 Completes Acquisition Of Pure Sunfarms

Village Farms (TSX: VFF) (NASDAQ: VFF) has finally acquired 100% of Pure Sunfarms from that...

Monday, November 2, 2020, 09:20:24 AM

Pure Sunfarms Top Brand In Ontario, Enters Alberta

Pure Sunfarms, the cannabis joint venture between that of Village Farms (TSX: VFF) (NASDAQ: VFF)...

Wednesday, February 26, 2020, 08:33:47 AM

Village Farms: Raymond James Remains Bullish With Dutch Venture Announcement

Yesterday, Village Farms (TSX: VFF) (NASDAQ: VFF) indicated that they would become a 16% shareholder...

Thursday, July 9, 2020, 10:15:58 AM

Village Farms Launches CBD Products In Hong Kong

Village Farms (TSX: VFF) (NASDAQ: VFF) has seen Pure Sunfarms go international. The company announced...

Monday, November 23, 2020, 07:57:15 AM