Village Farms Intercontinental Announces Regular Training course Issuer Bid for Widespread Shares
7 min readVANCOUVER, BC, Might 21, 2021 /PRNewswire/ – Village Farms Worldwide, Inc. (“Village Farms” or the “Enterprise”) (NASDAQ: VFF) (TSX: VFF) today introduced that the Toronto Inventory Exchange (“TSX”) has acknowledged a detect submitted by the Company of its intention to make a regular course issuer bid (“NCIB”).
The NCIB detect offers that Village Farms may well, throughout the 12-month period commencing May 26, 2021 and terminating May 25, 2022, buy up to 4,062,309 of its common shares (the “Widespread Shares”), representing close to 5% of the Firm’s issued and fantastic Widespread Shares, by way of a NCIB over the facilities of the TSX, The NASDAQ Stock Sector and/or by alternate trading techniques in Canada and the United States.
Village Farms thinks that, from time to time, the current market rate of its Widespread Shares may well not completely mirror the fundamental worth of its business enterprise and its foreseeable future enterprise prospective clients. As a end result, Village Farms believes that the invest in of its superb Prevalent Shares may well signify an ideal and fascinating use of its accessible funds.
“The implementation of this NCIB does not in any way replicate a change in Village Farms’ advancement ideas or options but basically supplies the Corporation with a probably attractive opportunity to prudently deploy some of our offered money,” reported Michael DeGiglio, CEO, Village Farms.
As of the close of company on Could 13, 2021, Village Farms experienced 81,246,191 superb Widespread Shares. Based mostly on the average day by day buying and selling quantity of 932,973 Common Shares all through the six months finished April 30, 2021 (calculated in accordance with the policies of the TSX), day-to-day buys will be constrained to 233,243 Typical Shares, other than block obtain exceptions.
Conclusions concerning the timing of upcoming purchases of Frequent Shares will be based mostly on market place ailments, price tag of the Common shares and other components. Village Farms may possibly elect to suspend or discontinue its NCIB at any time. Widespread Shares acquired below the NCIB will be cancelled. Village Farms has not acquired any of its Typical Shares through the very last twelve months.
Repurchases will be issue to compliance with applicable United States federal securities rules, like Rule 10b-18 underneath the United States Securities Exchange Act of 1934, as amended, as nicely as relevant Canadian securities laws.
From time to time, when the Organization does not possess material non-community facts about by itself or its securities, it may well enter into computerized repurchase strategies with its broker to let for the repurchase of common shares, issue to sure investing parameters, at periods when it ordinarily would not be energetic in the industry due to its possess inner trading blackout intervals, insider trading principles or normally. Any such plans entered into with a broker will be adopted in accordance with relevant Canadian and U.S. securities laws, together with the prerequisites of Rule 10b5-1 underneath the U.S. Securities Trade Act of 1934, as amended. Outside of these periods, common shares may possibly be repurchased in accordance with management’s discretion, matter to relevant legislation.
About Village Farms Global, Inc.
Village Farms is a single of the premier and longest-running greenhouse growers in North America. The Corporation leverages decades of experience in huge-scale, lower-price tag intense agriculture as a vertically integrated make supplier to pursue higher-benefit, superior-development plant-dependent Client Packaged Goods alternatives in hashish and CBD in North America and find marketplaces internationally.
The Company’s wholly owned Canadian subsidiary, British-Columbia-based mostly Pure Sunfarms is presently one of the single most significant hashish operations in the world, a person of the cheapest-charge greenhouse producers and just one of the most effective-providing manufacturers in Canada.
In the U.S., issue to compliance with all applicable U.S. federal and state regulations, Village Farms is pursuing a strategy to become a leading developer and supplier of branded and white-labeled CBD goods targeting important retailers and client packaged goods firms. Village Farms has one particular of the greatest greenhouse functions in the region and is strategically positioned to make the most of its agricultural experience and Pure Sunfarms’ operational and product experience, to go after prospective substantial-THC cannabis chances when legally permitted to do so.
Internationally, Village Farms evaluates and targets choose, nascent, authorized cannabis and CBD possibilities with significant long-expression possible, with an first target on the Asia-Pacific region by means of its investment in Australia-primarily based Altum Intercontinental.
Cautionary Assertion Regarding Ahead-Looking Facts
This push launch consists of ahead-looking statements inside of the that means of the United States Personal Securities Litigation Reform Act of 1995, Part 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Trade Act of 1934, as amended (the “Exchange Act”), and is subject matter to the protected harbor produced by those sections. This press release also is made up of “forward-seeking facts” inside of the indicating of relevant Canadian securities legislation. We refer to these kinds of ahead-seeking statements and ahead-looking info collectively as “forward-wanting statements”. Ahead-seeking statements may perhaps relate to the Company’s upcoming outlook or monetary posture and expected functions or final results and may well consist of statements with regards to the fiscal place, business enterprise tactic, budgets, growth options, litigation, projected generation, projected charges, capital expenditures, economical outcomes, taxes, strategies and objectives of or involving the Firm. Significantly, statements pertaining to upcoming final results, performance, achievements, potential clients or opportunities for the Company, the greenhouse vegetable marketplace or the hashish market are ahead-on the lookout statements. In some scenarios, ahead-looking details can be identified by this sort of conditions as “outlook”, “might”, “could”, “will”, “could”, “should really”, “would”, “arise”, “expect”, “system”, “foresee”, “feel”, “intend”, “try out”, “estimate”, “predict”, “likely”, “carry on”, “probably”, “timetable”, “goals”, or the destructive or grammatical variation thereof or other comparable expressions about issues that are not historical information. The forward-seeking statements in this push launch are topic to threats that may well contain, but are not confined to: our restricted functioning background, like that of Pure Sunfarms and our start out-up operations of rising hemp in the United States the authorized position of Pure Sunfarms’ cannabis business enterprise risks relating to getting added financing, including our dependence on credit score amenities opportunity complications in attaining and/or sustaining profitability variability of solution pricing challenges inherent in the cannabis, hemp and agricultural businesses the potential of Pure Sunfarms to cultivate and distribute hashish in Canada present and new governmental regulations, like challenges relevant to regulatory compliance and licenses (e.g., Pure Sunfarms’ means to acquire licenses for its Delta 2 greenhouse facility as effectively as supplemental licenses underneath the Canadian act respecting cannabis to amend to the Controlled Medications and Substances Act, the Prison Code and other Acts, S.C. 2018, c. 16 (Canada) for its Delta 3 greenhouse facility), and improvements in our regulatory demands dangers relating to conversion of our greenhouses to cannabis output for Pure Sunfarms dangers relevant to rules and polices at the U.S. federal (Food stuff and Drug Administration and United States Department of Agriculture), state and municipal ranges with respect to develop and hemp retail consolidation, technological innovations and other types of levels of competition transportation disruptions product or service liability and other potential litigation retention of crucial executives labor challenges uninsured and underinsured losses vulnerability to mounting electricity expenses environmental, health and fitness and basic safety pitfalls, overseas trade publicity, risks linked with cross-border trade difficulties in controlling our expansion restrictive covenants less than our credit history services all-natural catastrophes the ongoing and developing COVID-19 pandemic and tax hazards.
The Enterprise has based these ahead-wanting statements on variables and assumptions about long run functions and fiscal tendencies that it thinks may perhaps influence its money issue, outcomes of operations, business enterprise technique and economic requirements. Even though the ahead-wanting statements contained in this press launch are dependent on assumptions that administration thinks are realistic dependent on information at this time readily available to management, there can be no assurance that genuine success will be regular with these ahead-searching statements. Ahead-hunting statements automatically require identified and unknown challenges and uncertainties, quite a few of which are beyond the Firm’s manage, that may well cause the Firm’s or the industry’s true outcomes, overall performance, achievements, prospective buyers and chances in long term durations to differ materially from people expressed or implied by such ahead-looking statements. These hazards and uncertainties include, amongst other factors, the variables contained in the Firm’s filings with securities regulators, such as this press release. In specific, we warning you that our forward-searching statements are subject to the ongoing and developing situation related to the COVID-19 pandemic, which may well have a content adverse impact on our business, operations and long term economical success.
When relying on forward-wanting statements to make selections, the Corporation cautions viewers not to spot undue reliance on these statements, as ahead-wanting statements contain substantial risks and uncertainties and should not be read through as ensures of potential success, performance, achievements, prospective clients and options. The forward-wanting statements designed in this push launch relate only to situations or details as of the date on which the statements are manufactured in this push release. Besides as essential by legislation, the Corporation undertakes no obligation to update or revise publicly any forward-hunting statements, whether as a final result of new info, upcoming occasions or if not, right after the date on which the statements are built or to replicate the incidence of unanticipated gatherings.
Source Village Farms Global, Inc.
