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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index gained 8.91 points to 110 Thursday, while the Canadian Securities Exchange Composite Index gained 7.21 points to 225.52. Vegetable-grower-turned-marijuana-grower Village Farms International Inc. (VFF) dropped 30 cents to $3.29 on 1.99 million shares after arranging a $10-million share financing. Under the financing, Beacon Securities Ltd. is the sole underwriter and has agreed to purchase 3.12 million Village Farms shares for $3.20 per share (the company has 52.65 million shares outstanding). The underwriter will have an overallotment option to purchase 468,750 more shares.
For Village Farms shareholders, the timing could be better -- they are being diluted at 52-week lows. As of the last update, on Sept. 30, 2019, Village Farms had working capital of $26.2-million, including cash and cash-equivalents of $6.7-million. The company has since raised $28.7-million through a financing in October.
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