Aurora Cannabis agrees to $125 million bought-deal offering

Aurora Cannabis Inc.
ACB,
-3.21%
said late Thursday it has agreed to a $125 million bought-deal syndicated offering, led by BMO Capital Markets and ATB Capital Markets. The underwriters have agreed to buy 12 million units of the company at $10.45 per unit. Each unit is comprised of one common share and one half of one common share purchase warrant, Aurora said. The underwriters have the option to buy an additional 10% of the offering to cover any over-allotments. Aurora said it will use the net proceeds of the offering for general corporate purposes, which “may include opportunistically reducing debt.” The offering is part of a “broader strategy to have a strong balance sheet while maintaining maximum flexibility,” Aurora said. The deal is expected to close Tuesday, subject to usual conditions, the company said. Shares of Aurora trading on the New York Stock Exchange fell 3.2% to end at $11.17 on Thursday.