Aurora Cannabis closes bought deal financing, yielding $172.5 million

Canadian marijuana producer Aurora Cannabis said it received gross proceeds of $172.5 million from a bought deal offering after the underwriters’ over-allotment option was fully exercised.

The bought deal financing was announced last week for $125 million, then upsized to $150 million.

Edmonton, Alberta-based Aurora sold roughly 70.4 million units for $2.45 per unit, including 9.2 million units sold through the over-allotment option, according to a Wednesday news release.

Each unit includes one share and one share purchase warrant exercisable at $3.20 over the next three years.

Net proceeds will be used for general corporate purposes.

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Aurora said in the release that it no longer expects to use its existing at-the-market facility, which still has $186 million outstanding.

Aurora shares trade as ACB on the Nasdaq and Toronto Stock Exchange.