Aurora Cannabis (TSX: ACB) (NYSE: ACB) last night announced that it has formally filed a prospectus supplement for a US$300 million at-the-market offering. The intention to file for the financing was originally disclosed when the company released its third quarter financial results.
Sales under the at the market financing are to be made only on US-listed exchanges, with the shares under the financing to be sold on the TSX or other Canadian markets. Distributions are to be made via arrangements with Citigroup Global and Cowen and Company, with BMO Capital Markets, ATB Capital Markets, and Canaccord Genuity also participating in the arrangement.
The financing is being conducted to provide “maximum flexibility” to the company to pursue acquisitions, despite having $525 million in cash as of May 13. The company also explicitly states that it’s, “not expected to need to access the ATM Program without an accretive use of proceeds.”
Sponsored · McLaren Resources Inc.
The financing arrangement is effective as of May 19, 2021.
Aurora Cannabis last traded at $8.82 on the TSX.
Information for this briefing was found via Sedar and Aurora Cannabis. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
