NASDAQ | TSX: ACB
Over-Allotment Option Exercised in
Full
Strengthened Balance Sheet Eliminates Need
to Access the ATM Facility in the Near Future
EDMONTON, AB, June 1, 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 the closing of its
previously announced bought deal offering of units of the Company
(the "Units") for gross proceeds of approximately US$172.5 million (the "Offering"). The Company
sold approximately 70.4 million Units at a price of US$2.45 per Unit, including approximately
9.2 million Units sold pursuant to the exercise in full of the
underwriters' over-allotment option.
Each Unit is comprised of one common share of the
Company (a "Common Share") and one common share purchase warrant of
the Company (a "Warrant"). Each Warrant is 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.
Canaccord Genuity and BMO Capital Markets acted as the
bookrunners for the Offering.
The net proceeds of the Offering will be used for general
corporate purposes. As a result of the capital raised from this
Offering, the Company now anticipates no further use of the
previously announced at-the-market (ATM) facility in the near term,
of which approximately US$186 million
remains outstanding.
In connection with the Offering, the Company filed a prospectus
supplement (the "Prospectus Supplement") to the Company's short
form base shelf prospectus dated March 29,
2021 (the "Base Shelf Prospectus") 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 27, 2022. The
Prospectus Supplement, the Base Shelf Prospectus and the
Registration Statement contain important detailed information about
the Company and the Offering.
Copies of the Prospectus Supplement and the Base Shelf
Prospectus are available on SEDAR at www.sedar.com and copies of
the Prospectus Supplement and the Registration Statement are
available on EDGAR at www.sec.gov. Copies of the Prospectus
Supplement, 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, but
are not limited to, statements regarding the expected use of
proceeds of the Offering and the Company's plans with respect to
its existing ATM facility.
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.