Aurora Cannabis Upsizes Bought Deal Financing

Aurora Cannabis Inc. ACB ACB, has amended the terms of its previously announced bought deal financing.

Under the amended terms, a syndicate of underwriters led by Canaccord Genuity CCORF and BMO Capital Markets, have agreed to buy on a bought deal basis 61.2 million units of the company, at a price of $2.45 per unit for gross proceeds of approximately $150 million. Each unit will be comprised of one common share of the company and one common share purchase warrant of the company.

Each warrant will be 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.

The company has granted the underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the offering, to purchase up to an additional 15% of the offering to cover over-allotments, if any. This option may be exercised by the underwriters for additional units, common shares, warrants or any combination of such securities.

The net proceeds of the offering will be used for general corporate purposes.

The closing of the offering is expected to take place on or about June 1, 2022 and will be subject to customary conditions, including approvals of the Toronto Stock Exchange and the Nasdaq Global Select Market.

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