It appears that Aurora Cannabis (TSX: ACB) (NYSE: ACB) has been somewhat successful in its previously announced attempt to raise some funds. The company issued an update this morning following our earlier coverage, announcing that it has priced a US$150 million underwritten public offering. In Canadian dollars, it translates to roughly C$195.91 million.
The financing will see a total of 20 million units of the company sold at a price of US$7.50 per unit, raising a gross figure of US$150 million. Each unit is to contain one common share and one half warrant, with each warrant valid for a period of 40 months following the close of the financing. Each full warrant can be exercised at a price of US$9.00 per share.
An over allotment option has also been granted, valid for a period of thirty days, to increase the financing by 15%. If exercised, it would bring the total financing to US$172.50 million.
Proceeds from the offering are to be used to fund growth opportunities, along with working capital and general corporate purposes.
The company indicated earlier this week that as of August 6, it had roughly C$250 million in cash in the bank following the completion of its ongoing at the market financing.
Aurora Cannabis last traded at $6.63 on the NYSE, down 20.1% on the day.
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.
