06:40:28 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Aurora Cannabis Inc
Symbol ACB
Shares Issued 243,439,429
Close 2016-10-20 C$ 2.24
Market Cap C$ 545,304,321
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Aurora Cannabis to convert 10% debentures into shares

2016-10-20 19:35 ET - News Release

Mr. Terry Booth reports

AURORA ANNOUNCES CONVERSION OF $15 MILLION DEBENTURES

Aurora Cannabis Inc. has elected to exercise its right under the indenture governing the company's 10.0-per-cent unsecured convertible debentures due March 28, 2018, to convert all of the principal amount outstanding of the debentures and unpaid accrued interest thereon up to Nov. 23, 2016, into common shares of the company. Pursuant to the terms of the indenture, the company may force the conversion of the debentures at the conversion price of $1.15 per common share when the VWAP of the common shares on the TSX Venture Exchange for 10 consecutive trading days equals or exceeds $2.00.

As of close of markets on Oct. 20, 2016, the VWAP of the common shares on the exchange for 10 consecutive trading days equals $2.15. The conversion is scheduled to be effective Nov. 23, 2016.

Pursuant to the terms of the indenture, the directors of the company have determined that, on the conversion, holders of debentures will receive, for each $1,000 amount of debentures and outstanding interest thereon, 869.5652 common shares. Therefore, on Nov. 23, 2016, the estimated remaining total of $5-million of debentures and interest thereon outstanding will be converted into approximately 4,409,767 common shares. The remaining $10 million of debentures were converted effective Oct. 18, 2016.

"We are very pleased to convert these debentures, providing Aurora with an additional $5-million in permanent capital, further improving our balance sheet and our industry-leading cash position," said Terry Booth, chief executive officer.

The company has provided the holders of the debentures 30 days advance written notice of its intent to exercise the conversion.

About Aurora

Aurora's wholly owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR) and operates a 55,200-square-foot, state-of-the-art production facility in Mountain View county, Alberta, Canada.

We seek Safe Harbor.

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