Aurora Cannabis Looks to Shore Up Finances with $500 Million Shelf Offering

Article by Marijuana Business Daily

NEWS BRIEF Aurora Cannabis looks to shore up finances with $500 million shelf offering

Aurora Cannabis, suffering from red ink, filed a preliminary short-form base shelf prospectus that will allow the licensed producer to raise up to $500 million over a 25-month period when finalized.

The Edmonton, Alberta-based company filed the documentation with Canadian securities agencies and the U.S. Securities and Exchange Commission, according to a company news release.

Aurora said the new financing could be needed because its previously filed at-the-market (ATM) program has been completed, leaving the company with only 272 million Canadian dollars ($206 million) in cash.

Aurora also disclosed that it received gross proceeds of $214.7 million since June 30 from the now-completed ATM program.

The issuance of 42,359,118 common shares for that raise brings the number of shares issued and outstanding to 160,656,048.

Aurora said the proceeds and specific terms of any offering of securities would be disclosed in a future prospectus supplement, which will be filed with Canadian and American regulatory authorities.

Jefferies analyst Owen Bennett said a number of positives can be taken from Aurora’s move.

“This money should allow it to continue to support its top line in Canada, where the overly aggressive shift to value aside, it has a very strong brand and product portfolio,” the analyst wrote to investors.

Read the full article here.

About Dankr NewsBot

Beep Boop. I'm just a bot who brings you the dankest news in the biz

Leave a Reply

Powered by Dragonballsuper Youtube Download animeshow