Settlement: Village Farms International and Emerald Health Therapeutics Announce Settlement Agreement – Village Farms To Own 57.4% of Pure Sunfarms

Here’s a press release from Village Farms International about the settlement VANCOUVER, March 3, 2020 /PRNewswire/ – Village Farms International, Inc. (“Village Farms” or the “Company”) (TSX: VFF;NASDAQ: VFF) and Emerald Health Therapeutics (TSXV: EMH;OTCQX: EMHTF) (“Emerald”) today announced that they have entered into a settlement agreement in order to settle all outstanding disputes with respect to their joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms Corp (“Pure Sunfarms”). Under the terms of the settlement agreement: The 5,940,000 common shares of Pure Sunfarms that were placed in escrow pending Emerald’s C$5.94 million equity contribution to Pure Sunfarms (originally due in November 2019) will be cancelled, effective as of November 19, 2019, and Village Farms and Emerald will cease arbitration proceedings on the matter; Emerald will forfeit and waive repayment by Pure Sunfarms of its outstanding C$13.0 million shareholder loan to Pure Sunfarms (plus accrued interest of C$1.1 million) and Emerald will issue a promissory note to Pure Sunfarms in the amount of C$952,237; Pure Sunfarms will release Emerald from all liability arising from their supply agreement under which Emerald had the provision to purchase 40% of Pure Sunfarms’ aggregate production in 2018 and 2019; Emerald will transfer 2.5% of additional equity in Pure Sunfarms to Village Farms; Pure Sunfarms and Emerald will release each other from their current supply agreement under which Emerald has the provision to purchase 25% of Pure Sunfarms’ aggregate cannabis production from the Delta facilities in 2020, 2021 and 2022; and Village Farms and Emerald will mutually release each other from all claims related to or arising from…

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Source : CANNANNEW REPORT
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