Conversion Generates Interest Savings of
$5.2 Million on Annual Basis
TSX: ACB
VANCOUVER, Nov. 16, 2017 /CNW/ - Aurora Cannabis Inc. (the
"Company" or "Aurora") (TSX: ACB) (OTCQX: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) announced today
that the Company has elected to exercise its right under the
indenture (the "Indenture") governing the Company's 7.0% unsecured
convertible debentures due May 2,
2019 (the "Debentures") to convert (the "Conversion") all of
the principal amount outstanding of the remaining Debentures into
common shares of the Company (the "Common Shares"). Pursuant to the
terms of the Indenture, the Company may force the conversion of the
Debentures at the conversion price of $3.29 per Common Share when the VWAP of the
Common Shares on the TSX Exchange (the "Exchange") for 10
consecutive trading days equals or exceeds $4.94.
As of close of markets November 15,
2017, the VWAP of the Common Shares on the Exchange for 10
consecutive trading days equals $5.09. The Conversion is scheduled to be
effective December 18, 2017. The
estimated remaining total of $73,593,000 of Debentures outstanding will be
converted into 22,368,693 Common Shares, and accrued and unpaid
interest will be paid.
"This conversion reflects our exceptional execution, and further
strengthens our already very powerful financial position to execute
on our aggressive domestic and international expansion strategy,"
said Terry Booth, CEO. "We will be
generating over $5 million in
interest savings on an annual basis, while removing nearly
$75 million in liabilities from our
balance sheet."
About Aurora
Aurora's wholly-owned subsidiary, Aurora Cannabis Enterprises
Inc., is a licensed producer of medical cannabis pursuant to Health
Canada's Access to Cannabis for Medical Purposes Regulations
("ACMPR"). The Company operates a 55,200 square foot,
state-of-the-art production facility in Mountain View County,
Alberta, known as "Aurora
Mountain", a second 40,000 square foot high-technology production
facility known as "Aurora Vie" in Pointe-Claire, Quebec on Montreal's West Island, and is currently
constructing an 800,000 square foot production facility, known as
"Aurora Sky", at the Edmonton
International Airport.
In addition, the Company holds approximately 9.6% of the issued
shares (12.9% on a fully-diluted basis) in leading extraction
technology company Radient Technologies Inc., based in Edmonton, and is in the process of completing
an investment in Edmonton-based
Hempco Food and Fiber for an ownership stake of up to 50.1%.
Furthermore, Aurora is the cornerstone investor with a 19.9% stake
in Cann Group Limited, the first Australian company licensed to
conduct research on and cultivate medical cannabis. Aurora also
owns Pedanios, a leading wholesale importer, exporter, and
distributor of medical cannabis in the European Union, based in
Germany. The Company offers
further differentiation through its acquisition of BC Northern
Lights Ltd. and Urban Cultivator Inc., industry leaders,
respectively, in the production and sale of proprietary systems for
the safe, efficient and high-yield indoor cultivation of cannabis,
and in state-of-the-art indoor gardening appliances for the
cultivation of organic microgreens, vegetables and herbs in home
and professional kitchens. Aurora's common shares trade on the TSX
under the symbol "ACB".
On behalf of the Board of Directors,
AURORA CANNABIS INC.
Terry Booth
CEO
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"), including, but not
limited to, statements with respect to the use of proceeds from the
Offering and the Private Placement. Forward-looking statements are
frequently characterized by words such as "plan", "continue",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"may", "will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
These statements are only predictions. 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 and estimates
of management 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. The Company is
under no obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable law.
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.
SOURCE Aurora Cannabis Inc.