Village Farms to Offer 7.5 Million Shares, Expected to Raise $15 Million
Village Farms announced it has entered into securities purchase agreements for the purchase and sale of 7,500,000 common shares of the company in a registered direct offering. The offering follows a series of meetings conducted with Village Farms management and two new institutional capital partners which created considerable interest in a direct investment that was not previously being contemplated. The offering is expected to result in gross proceeds of approximately $15M before deducting placement agent fees and other offering expenses. Net proceeds from the offering are intended to be used for working capital and general corporate purposes, and the company continues to expect that it will grow its cash balance through positive operating cash flow during the remainder of 2026. Upon closing of the offering, the company expects to have a total of 121,811,130 issued and outstanding common shares. Closing of the offering is expected to occur on or about June 8, subject to the satisfaction of customary closing conditions. A.G.P./Alliance Global Partners is acting as sole placement agent in connection with the offering.