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Aurora Closes $173M Offering To Fund 'Growth Opportunities'

Canadian cannabis giant Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) has closed its overnight marketed public offerin

· 11/16/2020 12:20

Canadian cannabis giant Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB) has closed its overnight marketed public offering of units for total gross proceeds of $172.5 million.

ATB Capital Markets and BMO Capital Markets were the bookrunners for the offering.

The Edmonton-headquartered company sold 23 million units at a price of $7.50 per unit, counting 3 million units sold pursuant to the exercise in full of the underwriters’ over-allotment option.

Aurora noted that each unit consisted of one share and one half of one share purchase warrant of the company. Each warrant is exercisable to obtain one share of the company in the following 40 months upon closing the offering, at a price of $9.00 per warrant share.

The company said it will utilize collected net proceeds to support its development opportunities, working capital and usual corporate purposes.

In addition, and related to the offering, Aurora filed a prospectus supplement to its short form base shelf prospectus from Oct. 28.

At the time of writing, Aurora’s shares were 5.44% down at $6.70 per share.