The Edmonton, Alberta-based cannabis producer made the initial announcement after financial markets closed Thursday.
Aurora then announced on Friday morning that it is upsizing the deal to 61.2 million units for gross proceeds of roughly $150 million.
Under the financing terms, a group of underwriters led by Canaccord Genuity and BMO Capital Markets agreed to buy the units of Aurora for $2.45 per unit
Each unit includes one Aurora share and one share purchase warrant exercisable within three years at $3.20, with provisions for adjustments.
The offering is expected to close on or around June 1.
“The net proceeds of the offering will be used for general corporate purposes,” Aurora said in a news release.
Business leaders need reliable industry data and in-depth analysis to make smart investments and informed decisions in these uncertain economic times.
Get your 2023 MJBiz Factbook now!
- 200+ pages and 50 charts with key data points
- State-by-state guide to regulations, taxes & opportunities
- Segmented research reports for the marijuana + hemp industries
- Accurate financial forecasts + investment trends
Stay ahead of the curve and avoid costly missteps in the rapidly evolving cannabis industry.
Aurora recently reported a net loss of 1 billion Canadian dollars ($770 million) for its quarter ended March 31 and said it is selling its massive Aurora Sky greenhouse facility for much less than the facility cost to build.