Aurora Cannabis Inc. (the “Company” or “Aurora”) (NYSE | TSX: ACB),
the Canadian company defining the future of cannabinoids worldwide,
announced today the closing of its previously announced bought deal
public offering (the “Offering”) of units of the Company (the
“Units”) for total gross proceeds of US$137,940,000. The Company
sold 13,200,000 Units at a price of US$10.45 per Unit, including
1,200,000 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 half of one common share
purchase warrant of the Company (each full common share purchase
warrant, 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$12.60 per Warrant Share, subject to adjustment in
certain events.
BMO Capital Markets and ATB Capital Markets
acted as the bookrunners for the Offering.
The Company plans to use the net proceeds of the
Offering for general corporate purposes, which may include
opportunistically reducing debt. The Company believes that the
Offering fits with its broader strategy to have a strong balance
sheet while maintaining maximum flexibility to invest and build
towards being a leader in global cannabinoids.
In connection with the Offering, the Company
filed a prospectus supplement (the “Prospectus Supplement”) to the
Company’s short form base shelf prospectus dated October 28, 2020
(the “Base Shelf Prospectus”) with the securities commissions or
similar 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. 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 BMO Capital Markets by
contacting BMO Capital Markets, Brampton Distribution Centre C/O
The Data Group of Companies, 9195 Torbram Road, Brampton, Ontario,
L6S 6H2 or by telephone at (905) 791-3151 Ext 431 or by email at
torbramwarehouse@datagroup.ca or from BMO Capital Markets Corp.,
Attn: Equity Syndicate Department, 3 Times Square, 25th Floor, New
York, NY 10036 (Attn: Equity Syndicate), or by telephone at (800)
414-3627 or by email at bmoprospectus@bmo.com. Copies of such
documents may also be obtained from ATB Capital Markets Inc., Attn:
Gail O'Connor, 410-585 8th Ave SW, Calgary, Alberta, T2P 1G1, (403)
539-8629 or by email from atbcm_dealflow@atb.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 brand portfolio includes Aurora, Aurora Drift, San Rafael
‘71, Daily Special, AltaVie, MedReleaf, CanniMed, Whistler, and
Reliva CBD. Providing customers with innovative, high-quality
cannabis products, Aurora’s brands continue to break through as
industry leaders in the medical, performance, wellness and
recreational markets wherever they are launched. For more
information, please visit our website at www.auroramj.com.
Aurora’s common shares trade on the TSX and NYSE
under the symbol “ACB”, and is a constituent of the S&P/TSX
Composite Index.
Further Information |
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For Media: |
For Investors: |
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Michelle Lefler |
ICR, Inc. |
VP, Communications & PR |
Investor Relations |
media@auroramj.com |
aurora@icrinc.com |
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 expected use of proceeds of the
Offering. These forward-looking statements are only predictions.
Various assumptions were used in drawing the conclusions or making
the projections contained in the forward-looking statements
throughout this news release. Forward looking statements are based
on the opinions, estimates and assumptions of management in light
of management's experience and perception of historical trends,
current conditions and expected developments at the date the
statements are made, such as current and future market conditions,
the ability to maintain SG&A costs in line with current
expectations, the ability to achieve high margin revenues in the
Canadian consumer market, the current and future regulatory
environment and future approvals and permits. 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, including the risks associated with:
entering the U.S. market, the ability to realize the anticipated
benefits associated with the acquisition of Reliva, achievement of
Aurora’s business transformation plan, general business and
economic conditions, changes in laws and regulations, product
demand, changes in prices of required commodities, competition, the
effects of and responses to the COVID-19 pandemic and other risks,
uncertainties and factors set out under the heading “Risk Factors”
in the Company’s annual information form dated September 24, 2020
(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, any of which could cause the Company to change
its use of proceeds from the Offering. 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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