Aurora Cannabis Closes $172.5M Bought Deal Financing, Here Are The Details

Aurora Cannabis Inc. ACB ACB closed bought deal offering of units of the company for gross proceeds of approximately $172.5 million. The company sold approximately 70.4 million units at a price of $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 and one common share purchase warrant of the company. Each warrant is exercisable to acquire one common share of the company for a period of 36 months following the closing date of the offering at an exercise price of $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 facility in the near term, of which approximately $186 million remains outstanding.

In connection with the offering, the company filed a prospectus supplement to the company's short form base shelf prospectus dated March 29, 2021 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 as part of the company's registration statement on form F-10 under the U.S./Canada Multijurisdictional Disclosure System on May 27, 2022.

Photo: Courtesy of Mackenzie Marco on Unsplash

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