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Aphria Raises $100 Million to Fund Continued Expansion of Production Capacity and Other Strategic Opportunities
Aphria (TSX:APH) has announced it has secured a $100 million raise, including a $75 million bought deal equity financing and $25 million in debt financing through a five-year term loan. As quoted in the press release: The Company expects that 50% of the net proceeds of the Offering will be allocated towards the currently unfunded …
Aphria (TSX:APH) has announced it has secured a $100 million raise, including a $75 million bought deal equity financing and $25 million in debt financing through a five-year term loan.
As quoted in the press release:
The Company expects that 50% of the net proceeds of the Offering will be allocated towards the currently unfunded portion of Part IV Expansion, with the balance being allocated between the working capital necessary to support the Company once the Part IV expansion is complete and strategic investments.
“This fund raising is a testament to the confidence of the investment community in Aphria’s success to date and our vision for the future,” said Vic Neufeld, Chief Executive Officer, Aphria.
“Through this raise, we are not only looking at the needs of today, but what Aphria is going to need to do in the years ahead to dominate the market. When completed in 2018, our four-part expansion plan is expected to supply more than 75,000 kg of high-quality cannabis at one of the lowest costs in the industry. We are well positioned to continue to provide shareholder value and meet the increasing consumer demand for medical and recreational marijuana,” said Mr. Neufeld.
As part of the raise, Aphria entered into an agreement with Clarus Securities Inc., on behalf of a syndicate of underwriters (collectively, the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a “bought deal” basis, 11,538,480 Common Shares (the “Common Shares”) of the Company at a price of $6.50 per Common Share (the “Offering Price”) for aggregate gross proceeds to the Company of $75,000,120 (the “Offering”).
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