Village Farms completes $25M direct offering, CEO stake falls below 10%

Village Farms International, Inc.

Sold 18,350,000 common shares at $1.35 and warrants for 18,350,000 more at $1.65 per share.
Gross proceeds ~$25M; net proceeds for general working capital.
CEO Michael DeGiglio ownership diluted from ~11.4% to ~9.4% after offering.
Warrants exercisable from July 30, 2023 to July 30, 2028; potential $30M add if exercised.
Total shares outstanding post-offering: 110,238,929.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Village Farms International, Inc. entered into Securities Purchase Agreements with the purchasers valued at Purchase and sale of 18,350,000 common shares at US$1.35 per share together with warrants to purchas (effective 2023-01-26).

Action: entry
Agreement: equity purchase
Counterparty: the purchasers
Value: Purchase and sale of 18,350,000 common shares at US$1.35 per share together with warrants to purchas
Effective: 2023-01-26

Exact text from the filing

On January 26, 2023, Village Farms International, Inc. (the “ Company ”) entered into securities purchase agreements (the “ Securities Purchase Agreements ”) for the purchase and sale of 18,350,000 of its common shares, no par value per share (“ Common Shares ”), at US$1.35 per share 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 “ Warrants ”), pursuant to a registered direct offering (the “ Offering ”).

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Village Farms International, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-019198

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