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NASDAQ | TSX: ACB
EDMONTON, AB,
Sept. 28,
2023 /CNW/ - Aurora Cannabis Inc. ("Aurora" or
the "Company") (NASDAQ: ACB) (TSX: ACB), the Canadian company
opening the world to cannabis, today announced that it has entered
into an agreement pursuant to which Canaccord Genuity has agreed to
buy, on a bought deal basis, 46,250,000 common shares of the
Company (the "Offered Securities") at a price of C$0.73 per Offered Security (the "Offering
Price"), for aggregate gross proceeds to Aurora of approximately
C$33,762,500 (the "Offering").
Aurora has also granted Canaccord Genuity an option (the
"Over-Allotment Option") to purchase up to 6,937,500
additional common shares of the Company on the same terms as the
Offering. If the Over-Allotment Option is exercised in full, the
aggregate gross proceeds of the Offering will be approximately
C$38,826,875.
The Company plans to use the net proceeds of the Offering to
repay the remainder of its outstanding convertible senior notes at
or prior to maturity, representing principal outstanding of
approximately US$25 million, with the
remainder, if any, to be used for strategic purposes, including
potential acquisitions.
The closing of the Offering is expected to take place on or
about October 3, 2023 and will be
subject to customary conditions, including approvals of the
Toronto Stock Exchange.
A prospectus supplement (the "Prospectus Supplement") to the
Company's short form base shelf prospectus dated April 27, 2023 (the "Base Shelf Prospectus") will
be filed with the securities commissions or securities regulatory
authorities in each of the provinces of Canada, except Quebec. Copies of the Prospectus Supplement,
following filing thereof, and the Base Shelf Prospectus may be
obtained on SEDAR+ at www.sedarplus.com and from Canaccord Genuity
Corp., 40 Temperance Street, Suite 2100, Toronto, ON M5H 0B4. The Prospectus Supplement
and the Base Shelf Prospectus contain important detailed
information about the Company and the proposed Offering.
Prospective investors should read the Prospectus Supplement, the
Base Shelf Prospectus, and the other documents the Company has
filed on SEDAR+ at www.sedarplus.com before making an investment
decision.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. The Offered
Securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws. Accordingly, the
Offered Securities may not be offered, sold or delivered, directly
or indirectly, in the United
States or to U.S. persons except pursuant to exemptions from
the registration requirements of the U.S. Securities Act and
applicable state securities laws. 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.
About Aurora
Aurora is opening the world to cannabis, 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 adult-use brand portfolio includes Aurora Drift,
San Rafael '71, Daily Special, Whistler, Being and Greybeard.
Medical cannabis brands include MedReleaf, CanniMed, Aurora and
Whistler Medical Marijuana Co. Aurora also has a controlling
interest in Bevo Farms Ltd., North
America's leading supplier of propagated agricultural
plants. Driven by science and innovation, and with a focus on
high-quality cannabis products, Aurora's brands continue to break
through as industry leaders in the medical, performance, wellness
and adult recreational markets wherever they are launched.
Aurora's common shares trade on the NASDAQ and TSX under the
symbol "ACB".
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, but are not limited to, 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. Forward
looking information or statements contained in this news release
have been developed based on assumptions management considers to be
reasonable. Material factors or assumptions involved in developing
forward-looking statements include, without limitation, publicly
available information from governmental sources as well as from
market research and industry analysis and on assumptions based on
data and knowledge of this industry which the Company believes to
be reasonable. 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. These risks include,
but are not limited to, the ability to retain key personnel, the
ability to continue investing in infrastructure to support growth,
the ability to obtain financing on acceptable terms, the continued
quality of our products, customer experience and retention, the
development of third party government and nongovernment consumer
sales channels, management's estimates of consumer demand in
Canada and in jurisdictions where
the Company exports, expectations of future results and expenses,
the risk of successful integration of acquired business and
operations, management's estimation that SG&A will grow only in
proportion of revenue growth, the ability to expand and maintain
distribution capabilities, the impact of competition, the general
impact of financial market conditions, the yield from cannabis
growing operations, product demand, changes in prices of required
commodities, competition, and the possibility for changes in laws,
rules, and regulations in the industry, epidemics, pandemics or
other public health crises, including the current outbreak of
COVID-19, and other risks, uncertainties and factors set out under
the heading "Risk Factors" in the Company's annual information form
dated June 14, 2023 (the "AIF") and
filed with Canadian securities regulators available on the
Company's issuer profile on SEDAR at www.sedarplus.com and filed
with and available on the SEC's website at www.sec.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.
SOURCE Aurora Cannabis Inc.