Staff
Canadian-based Aurora Cannabis Inc. (ACBFF) announced that it has entered into an agreement with Canaccord Genuity Corp. to arrange for purchases of up to 100,000 special warrants at a price of $1,000 per warrant, for gross proceeds of up to $100 million. The deal is expected to close on or about November 24.
“The size and favourable terms of this Offering are a recognition of our powerful growth and industry-leading execution, and reflect Aurora’s maturity, discipline and dominant position within the global cannabis sector,” said Terry Booth, CEO. “Upon closing of this Offering, and with the anticipated gross proceeds on conversion of our recently accelerated warrants, Aurora’s pro-forma cash position will exceed an unprecedented $340 million. We will deploy that capital carefully but strategically to further accelerate our domestic and international expansion plans, and to seize additional opportunities to differentiate Aurora from other producers.”
Aurora recently announced its earnings with a big jump in earnings as patient counts increased. The company also did a $69 million unit offering and a $6 million private placement with a syndicate of underwriters just two weeks ago that was also led by Canaccord Genuity.
Aurora’s wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada’s Access to Cannabis for Medical Purposes Regulations (“ACMPR”). The Company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, known as “Aurora Mountain”, a second 40,000 square foot high-technology production facility known as “Aurora Vie” in Pointe-Claire, Quebec on Montreal’s West Island, and is currently constructing an 800,000 square foot production facility, known as “Aurora Sky”, at the Edmonton International Airport.
The stock was lately trading at $4.45, down from the 52-week high $5.45.
