Aurora Cannabis Prices US$150 Million Underwritten Public Offering
EDMONTON, Alberta, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Aurora Cannabis Inc. (the “Company” or “Aurora”) (NYSE | TSX: ACB), the Canadian company defining the future of cannabinoids worldwide,
announced today the pricing of its previously announced overnight marketed public offering (the “Offering”) of units of the Company (the “Units”) at a price of US$7.50 per Unit. The underwriters
for the Offering have agreed to purchase 20,000,000 Units from the Company for total gross proceeds to the Company of US$150,000,000.
Each Unit will be 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 will be exercisable to acquire one common share of the Company (a “Warrant Share”) for a period of 40 months following the closing date of the Offering at an exercise price of US$9.00 per Warrant Share, subject to adjustment in certain events.
BMO Capital Markets and ATB Capital Markets are acting as the bookrunners for the Offering.
In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 15% of the Units offered in the proposed Offering on the same terms and conditions. This option may be exercised by the underwriters for additional Units, Common Shares, Warrants or any combination of such securities.
The Company plans to use the net proceeds of the Offering to fund growth opportunities, working capital, and other general corporate purposes.
The closing of the Offering is expected to take place on or about November 16, 2020 and will be subject to market and other customary conditions, including approvals of the Toronto Stock Exchange and the New York Stock Exchange.
A prospectus supplement (the “Prospectus Supplement”) to the Company’s short form base shelf prospectus dated October 28, 2020 (the “Base Shelf Prospectus”) will be filed 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 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.