Aurora Closes Second Tranche of Oversubscribed Private Placement
January 19, 2016 (Source) — Aurora Cannabis Inc. (CSE: ACB) (Frankfurt: 21P; WKN: A1C4WM) (OTC: ACBFF) (“Aurora” or the “Company”) is pleased to announce that it has closed the second and final tranche of its non-brokered private placement (the “Private Placement”). In the second tranche, 5,840,915 units were issued at a price of $0.53 per unit for gross proceeds of $3,095,685.
The Company announced a $3,500,000 private placement of units on December 30, 2015 and an increase to $4,500,000 on January 13, 2016. The Private Placement was once again oversubscribed and total gross proceeds of $4,818,585 have been raised.
Each unit consists of one common share and one common share purchase warrant (“Warrant”). Each Warrant will entitle the holder to purchase an additional common share of the Company at a price of $0.66 per common share for a period of two years expiring January 19, 2018. The Company may accelerate the expiry date of the warrants if ACB shares trade above $1.25 for 10 consecutive trading days.
The Company shall pay finder’s fees of $137,565 and issue finders’ warrants of 60,520 exercisable into common shares at a price of $0.53 per share until January 19, 2018, subject to the same acceleration provision above.
All of the common shares and warrants to be issued under the Private Placement will be subject to a statutory four-month hold period in accordance with applicable Canadian securities laws.
Proceeds from the Private Placement have been be used to retire the secured debts of the Company and the remainder will be used for general working capital purposes.
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Terry Booth, CEO, commented: “The overwhelming success of the Private Placement will allow us to deploy many of our strategic initiatives that will rapidly add value to our Company and beneficially impact our bottom line. Aurora investors clearly have a high level of confidence in our team, facility and the Aurora Standard.”
About Aurora Cannabis Inc.
Aurora’s wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is licensed to produce and sell medical marijuana pursuant to the Marihuana for Medical Purposes Regulations and operates a 55,200 square foot expandable state-of-the-art production facility in Alberta, Canada. Aurora’s wholly-owned subsidiary, Australis Capital Inc., is an active participant in the U.S. Cannabis market.
On behalf of the Board of Directors,
AURORA CANNABIS INC.
The CSE, securities commission or other regulatory authority has not reviewed, approved or disapproved the contents of this press release. We seek Safe Harbour.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>