Alberta, Canada-based medical marijuana cultivator Aurora Cannabis announced Tuesday that it plans to raise 25 million Canadian dollars ($19 million) in a private placement of convertible debentures.
The debt instruments mature in two years and can be converted into shares priced at CA$2.
Under the terms of the private placement, Aurora said in a press release, it also plans to convert CA$10 million of preexisting convertible debentures, with annual 10% interest rate, into about 8,695,652 additional common shares.
The federally licensed grower did a $23 million fund raise in August, which was followed by a $15 million fund raise in late September.
This latest offering gives the company more than $45 million in spending capital, CEO Terry Booth said in the press release.