Village Farms International Completes Approximately US$25 Million Registered Direct Offering

Village Farms International, Inc. ("Village Farms" or the "Company") (NASDAQ: VFF) today announced it has completed its previously announced registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 18,350,000 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 "Offering"). 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.

Upon closing of the Offering, there were 110,238,929 issued and outstanding common shares of Village Farms. 

A.G.P./Alliance Global Partners and Cantor Fitzgerald & Co. acted as co-lead placement agents for the Offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.