Adam Jackson
Aurora will throw the proceeds toward debt and possible acquisitions.
Alberta-based Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) has reached an agreement with investment bank Canaccord Genuity to sell 46,250,000 of its shares at C$0.73 each, totaling approximately C$33.8 million, the company announced Thursday.
In addition, Aurora granted the firm an option to purchase up to an extra 6,937,500 shares. If fully exercised, the gross proceeds from the deal could rise to an estimated C$38.8 million.
Aurora intends to utilize the funds primarily to settle around US$25 million of its debt, with potential remaining funds being channeled into strategic initiatives, possibly including acquisitions.
The deal, still awaiting Toronto Stock Exchange approvals, is expected to close by October 3, 2023.
