KINGSVILLE, ON, March 16, 2016 /CNW/ - Mastronardi Holdings Limited ("Mastronardi") announced today that it has entered into three agreements, pursuant to which it will acquire ownership and control of 7,700,000 common shares of Village Farms International, Inc. ("Village Farms"), representing approximately 19.89% of all of the issued and outstanding common shares. Mastronardi will acquire the common shares for an aggregate purchase price of $9,625,000 plus an aggregate amount of $462,000 in respect of a break fee payable by the sellers, which amounts equate to $1.25 and $0.06 per share, respectively. Mastronardi currently has beneficial ownership and control over 33,000 common shares of Village Farms, representing approximately 0.09% of the issued and outstanding common shares. Following the acquisition, Mastronardi will have beneficial ownership and control over 7,733,000 common shares of Village Farms, representing approximately 19.98% of all the issued and outstanding common shares.
Mastronardi will acquire the common shares for investment purposes. Depending on market conditions and other factors, Mastronardi may from time to time acquire and/or dispose of securities of Village Farms or continue to hold its current position.
A copy of the early warning report to be filed by Mastronardi in connection with the investment will be available on Village Farms' profile on SEDAR at www.sedar.com. Alternatively, you may contact Steven Attridge at (519) 326-1491 in order to obtain a copy of the report.
SOURCE Mastronardi Holdings Limited
For further information: Steven Attridge, CFO, Mastronardi Holdings Limited, 2100 Road 4 East, Kingsville, ON N9Y 2E5, Phone: (519) 326-1491