Licensed medical marijuana producer Aurora Cannabis is looking to raise up to 230 million Canadian dollars ($185 million), a sum CEO Terry Booth called “the largest bought deal financing” to date in the Canadian cannabis sector.
That will be on top of about CA$600 million in new financing the Alberta-based producer raised over the past 13 months, Executive Vice President Cam Battley told Marijuana Business Daily.
Aurora is putting its capital to use. Last week it:
- Purchased a 17.62% stake in the privately held producer Green Organic Dutchman Holdings worth CA$55 million.
- Bought 682,400 shares of rival cultivator CanniMed as part of a takeover attempt, including Friday’s purchase of 24,600 units.
- Inked a deal to build “Europe’s largest” medical cannabis facility in Denmark.
- Signed a strategic partnership with Namaste Technologies.
Under the bought-deal transaction, the company said in a news release that a syndicate of underwriters has agreed to purchase 200,000 convertible debentures at a price of $1,000 each. The proceeds would total CA$200 million.
Aurora also granted the underwriters an option to purchase an additional 30,000 convertible debentures for additional proceeds of CA$30 million.
The offer is expected to close around Jan. 31.