Full Press Release Details
Aurora Cannabis Closes Previously Announced
Upsized Underwritten Public Offering Over-Allotment Option Exercised in Full
EDMONTON, AB, Nov. 16, 2020 /CNW/ - Aurora
Cannabis Inc. (the "Company" or "Aurora") (NYSE: ACB) (TSX: ACB), the Canadian company defining the future
of cannabinoids worldwide, announced today the closing of its previously announced overnight marketed public offering (the "Offering")
of units of the Company (the "Units") for total gross proceeds of US$172,500,000. The Company sold 23,000,000 Units at
a price of US$7.50 per Unit, including 3,000,000 Units sold pursuant to the exercise in full of the underwriters' over-allotment
Each Unit is comprised of one common share
of the Company (a "Common Share") and one half of one
common share purchase warrant of the Company
(each full common share purchase warrant, a "Warrant"). Each Warrant is exercisable to acquire one common share of the
Company (a "Warrant Share") for a period of 40 months following the closing date of the Offering at an exercise price
of US$9.00 per Warrant Share, subject to adjustment in certain events.
BMO Capital Markets and ATB Capital Markets
acted as the bookrunners for the Offering.
The Company plans to use the net proceeds of
the Offering to fund growth opportunities, working capital, and other general corporate purposes.
In connection with the Offering, the Company
filed a prospectus supplement (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated October
28, 2020 (the "Base Shelf Prospectus") with the securities commissions or similar securities regulatory authorities in
each of the provinces of Canada, except Quebec, and with the U.S. Securities and Exchange Commission (the "SEC") as part
of the Company's registration statement on Form F-10 (the "Registration Statement") under the U.S./Canada Multijurisdictional
Disclosure System. The Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement contain important detailed
information about the Company and the Offering.
Copies of the Prospectus Supplement and the
Base Shelf Prospectus are available on SEDAR at www.sedar.com and copies of the Prospectus Supplement and the Registration Statement
are available on EDGAR at www.sec.gov. Copies of the Prospectus Supplement, the Base Shelf Prospectus and the Registration Statement
may also be obtained from BMO Capital Markets by contacting BMO Capital Markets, Brampton Distribution Centre C/O The Data Group
of Companies, 9195 Torbram Road, Brampton, Ontario, L6S 6H2 or by telephone at (905) 791-3151 Ext 431 or by email at torbramwarehouse@datagroup.ca
or from BMO Capital Markets Corp., Attn: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036 (Attn: Equity
Syndicate), or by telephone at (800) 414-3627 or by email at bmoprospectus@bmo.com. Copies of such documents may also be obtained
from ATB Capital Markets Inc., Attn: Gail O'Connor, 410-585 8th Ave SW, Calgary, Alberta, T2P 1G1, (403) 539-8629 or by email from
No securities regulatory authority has either
approved or disapproved of the contents of this press release. This press release is for information purposes only and shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
Aurora is a global leader in the cannabis industry
serving both the medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in global cannabis dedicated
to helping people improve their lives. The Company's brand portfolio includes Aurora, Aurora Drift, San Rafael '71, Daily Special,
AltaVie, MedReleaf, CanniMed, Whistler, and Reliva CBD. Providing customers with innovative, high-quality cannabis products, Aurora's
brands continue to break through as industry leaders in the medical, performance, wellness and recreational markets wherever they
are launched. For more information, please visit our website at www.auroramj.com.
Aurora's common shares trade on the TSX and
NYSE under the symbol "ACB", and is a constituent of the S&P/TSX Composite Index.
Forward Looking Statements
This news release includes statements containing
certain "forward-looking information" within the meaning of applicable securities law ("forward-looking statements").
Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may", "will",
"potential", "proposed" and other similar words, or statements that certain events or conditions "may"
or "will" occur. Forward-looking statements made in this news release include statements regarding the expected use of
proceeds of the Offering. These forward-looking statements are only predictions. Various assumptions were used in drawing the conclusions
or making the projections contained in the forward-looking statements throughout this news release. Forward looking statements
are based on the opinions, estimates and assumptions of management in light of management's experience and perception of historical
trends, current conditions and expected developments at the date the statements are made, such as current and future market conditions,
the ability to maintain SG&A costs in line with current expectations, the ability to achieve high margin revenues in the Canadian
consumer market, the current and future regulatory environment and future approvals and permits. Forward-looking statements are
subject to a variety of risks, uncertainties and other factors that management believes to be relevant and reasonable in the circumstances
could cause actual events, results, level of activity, performance, prospects, opportunities or achievements to differ materially
from those projected in the forward-looking statements, including the risks associated with: entering the U.S. market, the ability
to realize the anticipated benefits associated with the acquisition of Reliva, achievement of Aurora's business transformation
plan, general business and economic conditions, changes in laws and regulations, product demand, changes in prices of required
commodities, competition, the effects of and responses to the COVID-19 pandemic and other risks, uncertainties and factors set
out under the heading "Risk Factors" in the Company's annual information form dated September 24, 2020 (the "AIF")
and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com and filed with
and available on the SEC's website at www.edgar.gov, any of which could cause the Company to change its use of proceeds from the
Offering. The Company cautions that the list of risks, uncertainties and other factors described in the AIF is not exhaustive and
other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully
in evaluating the forward-looking statements and are cautioned not to place undue reliance on such information. The Company is
under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
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SOURCE Aurora Cannabis Inc.
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For further information: For Media: Michelle Lefler, VP, Communications
& PR, media@auroramj.com; For Investors: ICR Inc., Investor Relations, aurora@icrinc.com
CO: Aurora Cannabis Inc.
CNW 10:00e 16-NOV-20