TORONTO, Feb. 3, 2022
/CNW/ - Michael A. DeGiglio , Chief
Executive Officer and a director of Village Farms International,
Inc. ("Village Farms") (NASDAQ: VFF), on February 1, 2022 exercised certain expiring stock
options and disposed of 100,000 common shares of Village Farms
("Common Shares") through the facilities of the Nasdaq pursuant to
his existing 10b-5-1 Trading Plan
(filed in March 2021), at an average
price of US$5.30 (C$6.73) per Common Share, for an aggregate
disposition price of US$530,100
(C$673,227) (the "Disposition"). Mr.
DeGiglio paid the US$100,000 exercise
price to Village Farms together with all applicable US withholding
taxes. The 100,000 stock options exercised by Mr. DeGiglio were
originally issued to him in March
2012 at an exercise price of US $1.00 (C$1.27) and
were set to expire on the 10th anniversary of issuance.
Following the Disposition, the number of Common Shares beneficially
owned by Mr. DeGiglio was unchanged at 9,349,529 Common Shares
.
Prior to the Disposition, Mr. DeGiglio held beneficial ownership
of approximately 11.1% of the issued and outstanding Common Shares,
including vested stock options. Following the Disposition, Mr.
DeGiglio beneficially owned approximately 10.9% of the issued
and outstanding Common Shares (including vested stock options that
are currently exercisable by Mr. DeGiglio for 366,667 Common
Shares). Mr. DeGiglio sold the shares to cover the cost of the
exercise, pay the taxes due on the exercise and use the balance for
payment of US federal income taxes.
Mr. DeGiglio has no immediate plans to dispose or acquire any
additional Common Shares. In the future, Mr. DeGiglio may from time
to time dispose or acquire ownership of, or control or direction
over, additional Common Shares for investment purposes.
This press release is being issued pursuant to the requirements
of National Instrument 62-103 - The Early Warning System and
Related Take-Over Bid and Insider Reporting Issues of the
Canadian Securities Administrators. An early warning report with
additional information in respect of the foregoing matter has been
filed and is available on the SEDAR profile of Village Farms at
www.sedar.com. To obtain a copy of the early warning report, please
visit
https://villagefarms.com/investor-relations/information-request-form
and provide your name and physical address, or contact Lawrence Chamberlain, Investor Relations, at
416-519-4196.
Village Farms' head office is located at 4700 - 80th Street,
Delta, British Columbia, V4K
3N3.
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content:https://www.prnewswire.com/news-releases/early-warning-press-release---michael-degiglio-exercises-expiring-stock-options-and-sells-100-000-common-shares-of-village-farms-international-inc-pursuant-to-10b-5-1-trading-plan-301475302.html
SOURCE Michael DeGiglio