NASDAQ | TSX: ACB
EDMONTON, AB,
May 27,
2022 /PRNewswire/ - Aurora Cannabis Inc. ("Aurora" or
the "Company") (NASDAQ: ACB) (TSX: ACB), the Canadian company
defining the future of cannabinoids worldwide, has announced today
that it has amended the terms of its previously announced bought
deal financing. Under the amended terms, a syndicate of
underwriters led by Canaccord Genuity and BMO Capital Markets, have
agreed to buy on a bought deal basis 61.2 million units of the
Company (the "Units"), at a price of US$2.45 per Unit for gross proceeds of
approximately US$150.0 million (the
"Offering"). Each Unit will be comprised of one common share of the
Company (a "Common Share") and one common share purchase warrant of
the Company (a "Warrant"). Each Warrant will be exercisable to
acquire one common share of the Company (a "Warrant Share") for a
period of 36 months following the closing date of the Offering at
an exercise price of US$3.20 per
Warrant Share, subject to adjustment in certain events.
The Company has granted the Underwriters an option, exercisable
at the offering price for a period of 30 days following the closing
of the Offering, to purchase up to an additional 15% of the
Offering to cover over-allotments, if any. This option may be
exercised by the Underwriters for additional Units, Common Shares,
Warrants or any combination of such securities.
The net proceeds of the offering will be used for general
corporate purposes.
The closing of the Offering is expected to take place on or
about June 1, 2022 and will be
subject to customary conditions, including approvals of the Toronto
Stock Exchange and the Nasdaq Global Select Market.
A preliminary prospectus supplement to the Company's short form
base shelf prospectus dated March 29,
2021 (the "Base Shelf Prospectus") was filed with the
securities commissions or securities regulatory authorities in each
of the provinces of Canada, except
Quebec, and with the U.S.
Securities and Exchange Commission (the "SEC") as part of the
Company's registration statement on Form F-10 (the "Registration
Statement") under the U.S./Canada Multijurisdictional Disclosure
System on May 26, 2022. A final
prospectus supplement (the "Prospectus Supplement") to the Base
Shelf Prospectus will be filed with the securities commissions or
securities regulatory authorities in each of the provinces of
Canada, except Quebec, and with the SEC as part of the
Registration Statement under the U.S./Canada Multijurisdictional
Disclosure System. The Prospectus Supplement, the Base Shelf
Prospectus and the Registration Statement contain important
detailed information about the Company and the proposed Offering.
Prospective investors should read the Prospectus Supplement, the
Base Shelf Prospectus and the Registration Statement and the other
documents the Company has filed for more complete information about
the Company and this Offering before making an investment
decision.
Copies of the Prospectus Supplement, following filing thereof, and the Base Shelf Prospectus will
be available on SEDAR at www.sedar.com and
copies of the Prospectus Supplement and the Registration Statement
will be available on EDGAR at www.sec.gov. Copies of the Prospectus
Supplement, following filing thereof, the Base Shelf Prospectus and
the Registration Statement
may also be obtained from the Company or,
in Canada from Canaccord Genuity
Corp., 161 Bay Street, Suite 3000, Toronto, ON M5J 2S1 and in the United States from Canaccord Genuity LLC,
99 High Street, Suite 1200, Boston,
Massachusetts 02110, Attn: Syndicate Department, by
telephone at (617) 371-3900, or by email at
prospectus@canaccordgenuity.com.
No securities regulatory authority has either approved or
disapproved of the contents of this press release. This press
release is for information purposes only and shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About Aurora
Aurora is a global leader in the cannabis industry, serving both
the medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in
global cannabis, dedicated to helping people improve their lives.
The Company's adult-use brand portfolio includes Aurora Drift, San
Rafael '71, Daily Special, Whistler, Being and Greybeard, as
well as CBD brands, Reliva and KG7. Medical
cannabis brands include MedReleaf, CanniMed, Aurora and
Whistler Medical Marijuana Co. Driven by science and innovation,
and with a focus on high-quality cannabis products, Aurora's brands
continue to break through as industry leaders in the medical,
performance, wellness and adult recreational markets wherever they
are launched.
Aurora's common shares trade on the NASDAQ and TSX under the
symbol "ACB" and is a constituent of the S&P/TSX Composite
Index.
Forward Looking Statements
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements made in this news
release include statements regarding the timing and completion of
the Offering and the expected use of proceeds of the Offering.
These forward-looking statements are only predictions. Forward
looking information or statements contained in this news release
have been developed based on assumptions management considers to be
reasonable. Material factors or assumptions involved in developing
forward-looking statements include, without limitation, publicly
available information from governmental sources as well as from
market research and industry analysis and on assumptions based on
data and knowledge of this industry which the Company believes to
be reasonable. Forward-looking statements are subject to a variety
of risks, uncertainties and other factors that management believes
to be relevant and reasonable in the circumstances could cause
actual events, results, level of activity, performance, prospects,
opportunities or achievements to differ materially from those
projected in the forward-looking statements. These risks include,
but are not limited to, the ability to retain key personnel, the
ability to continue investing in infrastructure to support growth,
the ability to obtain financing on acceptable terms, the continued
quality of our products, customer experience and retention, the
development of third party government and non-government consumer
sales channels, management's estimates of consumer demand in
Canada and in jurisdictions where
the Company exports, expectations of future results and expenses,
the risk of successful integration of acquired business and
operations, management's estimation that SG&A will grow only in
proportion of revenue growth, the ability to expand and maintain
distribution capabilities, the impact of competition, the general
impact of financial market conditions, the yield from cannabis
growing operations, product demand, changes in prices of required
commodities, competition, and the possibility for changes in laws,
rules, and regulations in the industry, epidemics, pandemics or
other public health crises, including the current outbreak of
COVID-19, and other risks, uncertainties and factors set out under
the heading "Risk Factors" in the Company's annual information form
dated September 27, 2021 (the "AIF")
and filed with Canadian securities regulators available on the
Company's issuer profile on SEDAR at www.sedar.com and filed with
and available on the SEC's website at www.sec.gov. The Company
cautions that the list of risks, uncertainties and other factors
described in the AIF is not exhaustive and other factors could also
adversely affect its results. Readers are urged to consider the
risks, uncertainties and assumptions carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such information. The Company is under no obligation,
and expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable securities law.
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SOURCE Aurora Cannabis Inc.