Aurora Completes $15 Million Debenture Offering

Aurora Cannabis Inc. (CSE:ACB,OTCQB:ACBFF) has completed the brokered private placement of 10.0% unsecured convertible debentures of the Company with Canaccord Genuity Corp. for gross proceeds of $15 million.
As quoted in the press release:

Pursuant to an enhanced finance strategy, the Company is leveraging a portion of the Debentures to immediately improve its balance sheet and replace $4 million of high interest and senior secured debt. Furthermore, certain onerous debt covenants and compliance reporting have now been eliminated.
“This financing provides Aurora with additional financial flexibility and a significantly improved balance sheet, and enables us to further increase our focus on reaching profitability and building long-term shareholder value”, said Terry Booth, Aurora’s Chief Executive Officer. “With an improved working capital position and increasing revenues, Aurora continues to strengthen our financial foundation as we enter a pivotal and exciting period in the development of the cannabis sector.”
The Debentures are unsecured obligations of the Company and bear interest from the date of closing at 10.0% per annum, payable semi-annually on June 30 and December 31 of each year. The Debentures will mature on March 28 2018 (the “Maturity Date”).
The Debentures are convertible at the option of the holder into common shares of the Company at any time prior to the close of business on the Maturity Date, at a conversion price of $1.15 per common share (the “Conversion Price”). Holders converting their Debentures will receive accrued and unpaid interest thereon, up to, but excluding, the date of conversion.