Aurora Cannabis Inc. (TSX: ACB) announced today that the Company has elected to exercise its right under the warrant indenture governing the common share purchase warrants of the Company issued on February 28, 2017. Pursuant to the terms of the Indenture, the Company may accelerate the expiry date of the Warrants when the volume weighted average closing price of the common shares of the Company on the Toronto Stock Exchange for 10 consecutive trading days exceeds $4.50.
As of the close of markets on November 14, 2017, the VWAP of the Common Shares on the Exchange for 10 consecutive trading days equalled $5.01. Effective today, the Warrants are set to expire at 5:00 p.m. (Vancouver time) on Friday, December 15, 2017. This news release constitutes notice to Warrant holders of the new expiry date. Any Warrants remaining unexercised after the new expiry date will be cancelled.
As of close of market November 14, 2017, a total of 16,946,690 warrants of the 17,251,640 originally issued had yet to be exercised. Each Warrant is exercisable to acquire one Common Share of the Company at an exercise price of $3.00. Consequently, if all Warrants are exercised, proceeds will total $50,840,070.
"The ability to accelerate the expiry of these warrants is an indicator of Aurora's powerful growth and increase in shareholder value," said Terry Booth, CEO. "It adds significant additional capital to our exceptional cash position, with which we intend to continue our aggressive domestic and international expansion strategy."
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"). The Company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, known as "Aurora Mountain", a second 40,000 square foot high-technology production facility known as "Aurora Vie" in Pointe-Claire, Quebec on Montreal's West Island, and is currently constructing an 800,000 square foot production facility, known as "Aurora Sky", at the Edmonton International Airport.
In addition, the Company holds approximately 9.6% of the issued shares (12.9% on a fully-diluted basis) in leading extraction technology company Radient Technologies Inc., based in Edmonton, and is in the process of completing an investment in Edmonton-based Hempco Food and Fiber for an ownership stake of up to 50.1%. Furthermore, Aurora is the cornerstone investor with a 19.9% stake in Cann Group Limited, the first Australian company licensed to conduct research on and cultivate medical cannabis. Aurora also owns Pedanios, a leading wholesale importer, exporter, and distributor of medical cannabis in the European Union, based in Germany. The Company offers further differentiation through its acquisition of BC Northern Lights Ltd. and Urban Cultivator Inc., industry leaders, respectively, in the production and sale of proprietary systems for the safe, efficient and high-yield indoor cultivation of cannabis, and in state-of-the-art indoor gardening appliances for the cultivation of organic microgreens, vegetables and herbs in home and professional kitchens. Aurora's common shares trade on the TSX under the symbol "ACB".
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Aurora Accelerates Warrant Expiry Date for Anticipated Proceeds of $50.8 Million
