LEAMINGTON, ON, Jan. 31, 2020 /PRNewswire/ - Aphria Inc.
("Aphria" or the "Company") (TSX: APHA and NYSE:
APHA) today announced that it closed its previously
announced strategic investment from an institutional investor
(the "Significant Investor") for aggregate gross proceeds to
the Company of C$100,000,001 (the
Pursuant to the Offering, the Significant Investor has agreed to
purchase 14,044,944 units of the Company at a price of C$7.12 per unit. Each unit is comprised of one
common share of Aphria and one-half of one common share purchase
warrant of Aphria. Each warrant will entitle the Significant
Investor to acquire one common share at a price of $9.26 for a
period of 24 months from the closing date of the Offering.
As previously disclosed, the Company intends to use the net
proceeds from the Offering to finance international expansion,
working capital and general corporate purposes.
The units and the securities comprising the units are being
offered pursuant to a shelf registration statement (including a
prospectus) previously filed with and declared effective by the
U.S. Securities and Exchange Commission (the "SEC") on November 26, 2019 and, in Canada, will be offered and sold in
Ontario only by way of a
"We are pleased to be closing this successful $100 million strategic investment that reinforces
confidence in our business and management team," said Irwin D. Simon, Chief Executive Officer.
"Importantly, now with nearly $600
million, our balance sheet has been further strengthened and
will continue to support us as we execute upon our strategic plan
for continued growth."
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any jurisdiction in which an offer,
solicitation or sale would be unlawful prior to registration and
qualification under the securities law of such jurisdiction.
Copies of the prospectus supplement and shelf registration
statement are available relating to a particular offering will be
available, under Aphria's profile on SEDAR at www.sedar.com and
EDGAR at www.sec.gov, respectively.
We Have a Good Thing Growing
Aphria Inc. is a leading global cannabis company driven by an
unrelenting commitment to our people, the planet, product quality
and innovation. Headquartered in Leamington, Ontario – the greenhouse capital
of Canada – Aphria Inc. has been
setting the standard for the low-cost production of high-quality
cannabis at scale, grown in the most natural conditions possible.
Focusing on untapped opportunities and backed by the latest
technologies, Aphria Inc. is committed to bringing breakthrough
innovation to the global cannabis market. The Company's portfolio
of brands is grounded in expertly-researched consumer insights
designed to meet the needs of every consumer segment. Rooted in our
founders' multi-generational expertise in commercial agriculture,
Aphria Inc. drives sustainable long-term shareholder value through
a diversified approach to innovation, strategic partnerships and
For more information, visit: aphriainc.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain
information in this news release constitutes forward-looking
statements under applicable securities laws and are expressly
qualified by this cautionary statement. Any statements that are
contained in this news release that are not statements of
historical fact may be deemed to be forward-looking statements.
Forward looking statements are often identified by terms such as
"may", "will," "should", "anticipate", "expect", "potential",
"believe", "intend" or the negative of these terms and similar
expressions. Forward-looking statements in this news release
include, but are not limited to, statements with respect to the
planned use of the proceeds from the Offering. 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 perception of trends of management and its beliefs
with respect to future events, as at the date the statements are
made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
Forward-looking statements necessarily involve known and unknown
risks, including, without limitation, risks associated with general
economic conditions; adverse industry events; marketing costs; loss
of markets; future legislative and regulatory developments
involving cannabis; inability to access sufficient capital from
internal and external sources, and/or inability to access
sufficient capital on favorable terms; the cannabis industry in
Canada generally, income tax and
regulatory matters; the ability of Aphria to meet its liquidity
requirements to fund ongoing operations; the ability of Aphria to
implement its business strategies; competition; crop failure;
safety of derivative cannabis products; currency and interest rate
Readers are cautioned that the foregoing list is not exhaustive
and should consider as other factors discussed under the heading
"Risk Factors" in Aphria's most recent Annual Information Form and
under the heading "Industry Trends and Risks" and in Aphria's
Management's Discussion and Analysis for the three months ended
November 30, 2019, each available on
SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Readers
are further cautioned not to place undue reliance on
forward-looking statements as there can be no assurance that the
plans, intentions or expectations upon which they are placed will
occur. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those
The forward-looking statements included in this news release are
made as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or
otherwise unless required by applicable securities laws.
Neither TSX nor its Regulation Services Provider (as that term is
defined in the policies of Toronto Stock Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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SOURCE Aphria Inc.