NYSE | TSX : ACB
Broader Lending Syndicate Introduced to
Fund Strategic Growth Initiatives
EDMONTON, Aug. 15, 2019 /CNW/ - Aurora Cannabis Inc.
("Aurora or the "Company") (NYSE | TSX: ACB), the Canadian company
defining the future of cannabis worldwide, announced today that it
has secured commitments from an expanded syndicate of lenders led
by the Bank of Montreal ("BMO") to
amend and upsize its existing C$200
million secured credit facility.
The amended secured credit facility will consist of an
additional C$160 million allocated
between both term loans and a revolving credit facility, both of
which will mature in August 2021.
Closing of the credit facility is subject to completion of
definitive documentation and satisfaction of conditions precedent
customary for a financing of this nature. The credit facility will
have a first ranking general security interest in the assets of
Aurora. The Loans can be repaid without penalty at Aurora's
discretion.
"The upsizing of our credit facility to approximately
C$360 million and the broadening of
the lending syndicate to include additional Schedule 1 Canadian
Banks is further recognition that our best-in-class production
facilities lead the industry," said Glen
Ibbott, CFO of Aurora. "Access to this non-dilutive
capital is a core funding source the Company intends to utilize as
it further executes on its strategic growth initiatives. In
addition to cash being generated from operations, the Company also
has access to other unsecured debt alternatives, a number of equity
investments, and has access to a C$514
million (US$400 million)
At-The-Market equity program ("ATM")."
About Aurora
Headquartered in Edmonton, Alberta,
Canada with funded capacity in excess of 625,000 kg per
annum and sales and operations in 25 countries across five
continents, Aurora is one of the world's largest and leading
cannabis companies. Aurora is vertically integrated and
horizontally diversified across every key segment of the value
chain, from facility engineering and design to cannabis breeding
and genetics research, cannabis and hemp production, derivatives,
high value-add product development, home cultivation, wholesale and
retail distribution.
Highly differentiated from its peers, Aurora has established a
uniquely advanced, consistent and efficient production strategy,
based on purpose-built facilities that integrate leading-edge
technologies across all processes, defined by extensive automation
and customization, resulting in the massive scale production of
high-quality consistent product. Designed to be replicable and
scalable globally, our production facilities are designed to
produce cannabis at significant scale, with high quality,
industry-leading yields, and low-per gram production costs. Each of
Aurora's facilities is built to meet European Union Good
Manufacturing Practices ("EU GMP") standards. Certification has
been granted to Aurora's first production facility in Mountain View
County, the MedReleaf Markham facility, and its wholly owned
European medical cannabis distributor Aurora Deutschland. All
Aurora facilities are designed and built to the EU GMP
standard.
In addition to the Company's rapid organic growth and strong
execution on strategic M&A, which to date includes 16 wholly
owned subsidiary companies – MedReleaf, CanvasRX, Peloton
Pharmaceutical, Aurora Deutschland, H2 Biopharma, BC Northern
Lights, Larssen Greenhouses, CanniMed Therapeutics, Anandia,
HotHouse Consulting, MED Colombia, Agropro, Borela, ICC Labs,
Whistler, and Chemi Pharmaceutical – Aurora is distinguished by its
reputation as a partner and employer of choice in the global
cannabis sector, having invested in and established strategic
partnerships with a range of leading innovators, including: Radient
Technologies Inc. (TSXV: RTI), Hempco Food and Fiber Inc. (TSXV:
HEMP), Cann Group Ltd. (ASX: CAN), Micron Waste Technologies Inc.
(CSE: MWM), Choom Holdings Inc. (CSE: CHOO), CTT Pharmaceuticals
(OTCC: CTTH), Alcanna Inc. (TSX: CLIQ), High Tide Inc. (CSE: HITI),
EnWave Corporation (TSXV: ENW), Capcium Inc. (private), Evio Beauty
Group (private), and Wagner Dimas (private).
Aurora's Common Shares trade on the TSX and NYSE under the
symbol "ACB", and is a constituent of the S&P/TSX Composite
Index.
For more information about Aurora, please visit our investor
website, investor.auroramj.com
Terry Booth,
CEO
Aurora Cannabis Inc.
Forward looking statements
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). 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, including, but not limited to, the
completion of definitive documentation and the closing of the
upsized credit facility . 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 the TSX, NYSE nor their Regulation Services Provider
(as that term is defined in the policies of the TSX and NYSE)
accepts responsibility for the adequacy or accuracy of this
release.
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SOURCE Aurora Cannabis Inc.