TSXV: ACB
VANCOUVER, March 6, 2017 /CNW/ - Aurora Cannabis Inc. (the
"Company" or "Aurora") (TSXV: ACB) (OTCQB: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) is pleased to
announce that its proposal (the "Proposal") to acquire Peloton
Pharmaceuticals Inc. ("Peloton"), a late-stage ACMPR-applicant, out
of bankruptcy protection was approved by Peloton's creditors at a
recent meeting (the "Creditor Meeting").
Peloton is constructing a 40,000 square foot cannabis production
facility in Pointe Claire, Quebec,
which received a "ready to build" letter from Health Canada in
2014. The Company estimates that construction of the Peloton
facility is 80% complete, and expects to be ready for Health
Canada inspection pursuant to a License to Produce by the summer of
2017.
Under the terms of the Proposal, and subject to all conditions
precedent being satisfied, the Company will provide a total
investment pool of $7,000,000 of cash
and common shares of Aurora for distribution to creditors.
Completion of the acquisition of Peloton is conditional upon,
among other things, the Proposal being approved by the Quebec
Superior Court of Justice (the "Court") and TSX Venture Exchange
approval.
The motion to approve the Proposal is scheduled to be heard by
the Court in late March. Although the motion may be contested by
certain minority shareholders of Peloton, the Company anticipates
that the Court will grant approval for the Proposal. The Proposal
was approved by the required majority of Peloton's creditors at the
Creditor Meeting, with no creditors voting against it, and is being
supported by Peloton's current management.
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, and is currently
constructing a second 800,000 square foot production facility,
known as "Aurora Sky", at the Edmonton International Airport. The Aurora Sky
project has secured advanced technology from the most renowned
design and construction suppliers in the
Netherlands. Aurora's common shares trade on the TSX-V under
the symbol "ACB".
On behalf of the Board of Directors,
AURORA CANNABIS INC.
Terry Booth
CEO
This news release contains certain "forward-looking
statements" within the meaning of such statements under applicable
securities law. 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.
These 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 and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. There is no
assurance that the Proposal will be completed on the terms or
within the timeframe contemplated in this news release or at
all. 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 law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Aurora Cannabis Inc.