- 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 firstname.lastname@example.org.
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.
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.
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