NYSE | TSX: ACB
EDMONTON, AB, May 20, 2021 /PRNewswire/ - Aurora Cannabis
Inc. (the "Company" or "Aurora") (NYSE: ACB) (TSX: ACB), the
Canadian company defining the future of cannabinoids worldwide, has
filed a prospectus supplement establishing a new at-the-market
equity program (the "ATM Program") that allows the Company to issue
and sell up to U.S.$300 million of
common shares in the capital of the Company (the "Common Shares")
from treasury to the public, from time to time, at the Company's
discretion. Any Common Share sales under the ATM Program will be
made through "at-the-market distributions" as defined in National
Instrument 44-102 and sold through the NASDAQ Global Select Market
(the "NASDAQ") or other marketplace in the United States at the prevailing market
price at the time of sale. Sales may also be made in privately
negotiated transactions. No sales will be made through a stock
exchange or stock market in Canada.
Aurora believes this filing will provide maximum flexibility for
the Company to pursue select acquisitions going forward, including
within the U.S. Aurora confirms that its current cash position
remains strong at approximately $525
million as of May 13, 2021.
Given the strength of Aurora's current cash position, it is not
expected to need to access the ATM Program without an accretive use
of proceeds.
Distributions of the Common Shares through the ATM Program will
be made pursuant to the terms of a sales agreement dated
May 19, 2021 among the Company and a
syndicate of agents led by Citigroup Global Markets Inc. and Cowen
and Company, LLC and including BMO Capital Markets Corp., ATB
Capital Markets USA Inc. and
Canaccord Genuity LLC.
A prospectus supplement (the "Prospectus Supplement") to the
Company's short form base shelf prospectus dated October 28, 2020 (the "Base Shelf Prospectus")
has been filed with the securities commissions or 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 ATM Program. Prospective investors should read
the Prospectus Supplement, the Base Shelf Prospectus and the
Registration Statement and the other documents the Company has
filed for more complete information about the Company and the ATM
Offering before making an investment decision. 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 will be available on
EDGAR at www.sec.gov. This news release does not constitute an
offer to sell or the solicitation of an offer to buy the Common
Shares, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Aurora
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 timing and
completion of the ATM Program and the expected use of proceeds of
the ATM Program. 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. 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.