Michael Singer Joins Aurora Board as Independent Director
May 24, 2016 (Source) — Experienced Pharma and Cannabis Sector CFO Provides Financial Leadership and Further Strengthens Corporate Governance
Aurora Cannabis Inc. (CSE:ACB)(FRANKFURT:21P)(OTCQB:ACBFF) (WKN:A1C4WM) (“Aurora” or the “Company”), is pleased to announce the appointment of Michael Singer to the Board of Directors.
Mr. Singer, who will sit as an independent Director, has extensive financial management, capital markets and corporate governance experience in the pharmaceutical and medical cannabis industries. He is a Certified Professional Accountant (CPA) and Certified General Accountant (CGA).
Mr. Singer is currently the CFO of privately-held Clementia Pharmaceuticals Inc., a clinical stage biopharmaceutical company that recently completed a US$60 million mezzanine financing to fund the development of Clementia’s lead compound. Until June 2015, he was CFO of Bedrocan Cannabis Corp., and with the completion of a $12 million private placement, positioned Bedrocan for its successful capital markets launch and TSX-V listing in August 2014. Mr. Singer previously served as CFO and Corporate Secretary for TSX-V listed Thallion Pharmaceuticals Inc., until the company’s successful cash sale to BELLUS Health Inc. in July 2013.
“Michael is a uniquely valuable addition to Aurora’s Board, bringing significant financial and capital markets experience, as we enter a pivotal period in our corporate development,” said Terry Booth, CEO. “His wise counsel and deep network of senior contacts in Canada’s finance sector will serve our shareholders well, as we transition to profitability and further execute on our strategic plans, including a major production capacity expansion.”
“I am delighted to join the Aurora team, and excited to play a critical role in supporting the Company’s continued path of rapid growth as one of the leading cannabis companies in Canada,” said Mr. Singer. “With Canada’s medical cannabis system expanding at an impressive rate each month, and with the federal government’s intention to introduce legislation next spring to legalize the consumer use of marijuana, these are exciting times in the sector. I believe Aurora’s business strategies, low production costs and high production quality position the Company extremely well to be a standout performer in the industry.”
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In connection with Mr. Singer’s appointment as a new Director, the Company granted Mr. Singer stock options to acquire 1,250,000 common shares in the capital of the Company, exercisable at $0.46 per share expiring May 20, 2021. Of these options, 50,000 vest immediately and 1,200,000 shall vest equally every three months over a period of three years.
Aurora’s wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical marijuana pursuant to Health Canada’s Marihuana for Medical Purposes Regulations (MMPR) and operates a 55,200 square foot, expandable, state-of-the-art production facility in Alberta, Canada. Aurora trades on the Canadian Securities Exchange under the symbol “ACB”.
On behalf of the Board of Directors,
AURORA CANNABIS INC.
Terry Booth, CEO
This news release contains statements about the Company’s expectations regarding anticipated profitability, production capacity expansion and other aspects of its anticipated future operations that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Such forward-looking statements are estimates reflecting the Company’s best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. Such factors include but are not limited to the Company’s ability to obtain the necessary financing and the general impact of financial market conditions, the yield from marijuana growing operations, product demand, changes in prices of required commodities, competition, government regulations and other risks set out in the Company’s management’s discussion and analysis filed on SEDAR. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
The CSE or other regulatory authority has not reviewed, approved or disapproved the contents of this press release. We seek Safe Harbour.
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