Exhibit 99.1
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Village Farms International Completes $28.75 Million Bought Deal Public Offering of Common Shares
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, BC, October 22, 2019 – Village Farms International, Inc. (“Village Farms” or the “Company”) (TSX: VFF) (NASDAQ: VFF) announced today that it has completed its previously announced bought deal offering of 3,059,000 common shares (the “OfferedShares”) in the capital of the Company at a price of $9.40 per Offered Share for aggregate gross proceeds to the Company of $28,754,600 (the “Offering”). The Offering was conducted by a syndicate of underwritersco-led by Beacon Securities Limited, as sole bookrunner, and GMP Securities L.P. (together, the “Underwriters”). The Offering included 399,000 Offered Shares issued pursuant to a full exercise of the Underwriters’ over-allotment option.
The Company intends to use the net proceeds for working capital and general corporate purposes. Further details can be found in the Company’s prospectus supplement dated October 15, 2019, which is available on SEDAR atwww.sedar.com.
Upon closing of the Offering, there were 52,399,335issued and outstanding common shares of the Company.
The Offered Shares have not been, and will not be, registered under theU.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor in any other jurisdiction.
About Village Farms International, Inc.
Village Farms is one of the largest and longest-operating vertically integrated greenhouse growers in North America and the only publicly traded greenhouse produce company in Canada. Village Farms produces and distributes fresh, premium-quality produce with consistency 365 days a year to national grocers in the U.S. and Canada from more than nine million square feet of Controlled Environment Agriculture (CEA) greenhouses in British Columbia and Texas, as well as from its partner greenhouses in British Columbia, Ontario and Mexico. The Company is now leveraging its 30 years of experience as a vertically integrated grower for the rapidly emerging global cannabis opportunity through its 50% ownership of British Columbia-based Pure Sunfarms Corp., one of the single largest cannabis growing operations in the world. The Company also intends to pursue opportunities to become a vertically integrated leader in the U.S. hemp-derived CBD market, subject to compliance with all applicable U.S. federal and state laws. Village Farms has established two joint ventures, Village Fields Hemp USA, LLC and Arkansas Valley Green and Gold Hemp LLC, for outdoor hemp cultivation and CBD extraction and is pursuing controlled environment hemp production at a portion of its Texas greenhouse operations, which total 5.7 million square feet of production area.
Cautionary Language Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements include, but are not limited to, statements concerning: (i) the Offering; and (ii) the use of the proceeds of the Offering. Forward-looking statements may relate to the Company’s future outlook or financial position and anticipated