Per a press release, Village Farms International, the Canadian greenhouse grower, announced it completed a previously announced sale of 18,350,000 common shares at $1.35 per share. That went hand-in-hand together with "accompanying warrants to purchase up to 18,350,000 common shares, which have an exercise price of US$1.65 per share."
The proceeds from the sale of the common shares are approximately US$25 million, before deducting placement agent fees and other offering expenses payable by Village Farms. The warrants will be exercisable beginning on July 30, 2023 and will expire on July 30, 2028. Proceeds from the exercise of all the warrants would be approximately US$30 million over this period.
The net proceeds from this Offering are intended to be used for general working capital purposes. A.G.P./Alliance Global Partners and Cantor Fitzgerald & Co. acted as co-lead placement agents for the deal.
In addition to CEA, Village Farms also has a subsidiary, Pure Sunfarms, that it says is "one of the single largest cannabis operations in the world." The Company also owns 70% of Québec-based, Rose LifeScience, a leading third-party cannabis products commercialization expert in the Province of Québec.
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