NYSE | TSX: ACB
EDMONTON, AB, Jan. 21, 2021 /PRNewswire/ - Aurora Cannabis Inc.
("Aurora" or the "Company") (NYSE: ACB) (TSX: ACB), the Canadian
company defining the future of cannabinoids worldwide, today has
announced today that it has entered into an agreement with a
syndicate of underwriters led by BMO Capital Markets and ATB
Capital Markets, under which the underwriters have agreed to buy on
bought deal basis 12,000,000 units of the Company (the "Units"), at
a price of US$10.45 per Unit for
gross proceeds of approximately US$125
million (the "Offering"). 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 36 months following the closing date of the
Offering at an exercise price of US$12.60 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 10% 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, which may include opportunistically reducing
debt. The Company believes that the Offering fits with its broader
strategy to have a strong balance sheet while maintaining maximum
flexibility to invest and build towards being a leader in global
cannabinoids.
The closing of the Offering is expected to take place on or
about January 26, 2021 and will be
subject to 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 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.
Copies of the Prospectus Supplement, following filing thereof,
and the Base Shelf Prospectus will be available on SEDAR at
www.sedar.com and copies of the Prospectus Supplement and the
Registration Statement will be available on EDGAR at www.sec.gov.
Copies of the Prospectus Supplement, following filing thereof, the
Base Shelf Prospectus and the Registration Statement may also be
obtained from BMO Capital Markets by contacting BMO Capital
Markets, Brampton Distribution Centre C/O The Data Group of
Companies, 9195 Torbram Road, Brampton,
Ontario, L6S 6H2 or by telephone at (905) 791-3151 Ext 431
or by email at torbramwarehouse@datagroup.ca or from BMO Capital
Markets Corp., Attn: Equity Syndicate Department, 3 Times Square,
25th Floor, New York, NY 10036
(Attn: Equity Syndicate), or by telephone at (800) 414-3627 or by
email at bmoprospectus@bmo.com. Copies of such documents may also
be obtained from ATB Capital Markets Inc., Attn: Gail O'Connor, 410-585 8th Ave SW, Calgary, Alberta, T2P 1G1, (403) 539-8629 or
by email from atbcm_dealflow@atb.com.
No securities regulatory authority has either approved or
disapproved of the contents of this press release. This press
release is for information purposes only and shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
About Aurora
Aurora is a global leader in the cannabis industry serving both
the medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in
global cannabis dedicated to helping people improve their lives.
The Company's brand portfolio includes Aurora, Aurora Drift, San
Rafael '71, Daily Special, AltaVie, MedReleaf, CanniMed, Whistler,
and Reliva CBD. Providing customers with innovative, high-quality
cannabis products, Aurora's brands continue to break through as
industry leaders in the medical, performance, wellness and
recreational markets wherever they are launched. For more
information, please visit our website at www.auroramj.com.
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.
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. Forward-looking statements made in this news
release include statements regarding: the timing and completion of
the Offering and the expected use of proceeds of the Offering.
These forward-looking 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, estimates and assumptions of management in light of
management's experience and perception of historical trends,
current conditions and expected developments at the date the
statements are made, such as current and future market conditions,
the ability to maintain SG&A costs in line with current
expectations, the ability to achieve high margin revenues in the
Canadian consumer market, the current and future regulatory
environment and future approvals and permits. Forward-looking
statements are subject to a variety of risks, uncertainties and
other factors that management believes to be relevant and
reasonable in the circumstances could cause actual events, results,
level of activity, performance, prospects, opportunities or
achievements to differ materially from those projected in the
forward-looking statements, including the risks associated with:
entering the U.S. market, the ability to realize the anticipated
benefits associated with the acquisition of Reliva, achievement of
Aurora's business transformation plan, general business and
economic conditions, changes in laws and regulations, product
demand, changes in prices of required commodities, competition, the
effects of and responses to the COVID-19 pandemic and other risks,
uncertainties and factors set out under the heading "Risk Factors"
in the Company's annual information form dated September 24, 2020 (the "AIF") and filed with
Canadian securities regulators available on the Company's issuer
profile on SEDAR at www.sedar.com and filed with and available on
the SEC's website at www.edgar.gov. The Company cautions that the
list of risks, uncertainties and other factors described in the AIF
is not exhaustive and other factors could also adversely affect its
results. Readers are urged to consider the risks, uncertainties and
assumptions carefully in evaluating the forward-looking statements
and are cautioned not to place undue reliance on such information.
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 securities
law.
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SOURCE Aurora Cannabis Inc.