Michael DeGiglio Disposes of 520,000 Common Shares of Village Farms International, Inc. Recently Received as a Performance Stock Grant for 2020

TORONTO, Dec. 29, 2020 /CNW/ - Michael A. DeGiglio, Chief Executive Officer and a director of Village Farms International, Inc. ("Village Farms") VFF VFF, on December 23, 24 and 29, 2020 sold 520,000 common shares of Village Farms ("Common Shares") through the facilities of the Toronto Stock Exchange at an average price of $14.81 per Common Share for an aggregate disposition price of $7,699,532 (the "Disposition"). The 520,000 Common Shares sold by Mr. DeGiglio represent the 520,000 Common Shares he received from Village Farms on December 23 and 24 as a Performance Stock Grant earned and vested earlier in 2020, the majority of which were related to Village Farms' successful completion of the accretive acquisition of the portion of Pure Sunfarms it did not already own. As a result of the Performance Stock Grant and the Disposition, Mr. DeGiglio's ownership of Common Shares was unchanged at 9,259,529 Common Shares.

Following the Disposition, Mr. DeGiglio beneficially owns approximately 14.3% of the issued and outstanding Common Shares (including vested stock options that are currently exercisable by Mr. DeGiglio for 333,000 Common Shares). Prior to the Disposition, Mr. DeGiglio held beneficial ownership of approximately 14.4% of the issued and outstanding Common Shares (including vested stock options that are currently exercisable by Mr. DeGiglio for 333,000 Common Shares). Mr. DeGiglio disposed of the Common Shares to fund his required U.S. income tax payments of approximately 40% in connection with the receipt of the Performance Stock Grant, which are due on the acquisition of stock compensation, and to monetize a de minimus percentage of his shareholdings in Village Farms for personal reasons. The timing of receiving the Common Shares underlying the Performance Stock Grant and the Disposition resulted from the date of the expiry of the Performance Stock Grant in March 2021 and typical prohibitions on trading in securities during the post year-end blackout period. Mr. DeGiglio has no immediate plans to acquire or dispose of any additional Common Shares. In the future, Mr. DeGiglio may from time to time acquire or dispose 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 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.

SOURCE Michael DeGiglio