November 15 | 2017
Aurora Cannabis (TSX:ACB) has announced that it has chosen to exercise its right under the warrant indenture governing the common share purchase purchase warrants of Aurora issued February 28, 2017.
As quoted in the press release:
Pursuant to the terms of the Indenture, the Company may accelerate the expiry date of the Warrants when the volume weighted average closing price (the “VWAP”) of the common shares of the Company (the “Common Shares”) on the Toronto Stock Exchange (the “Exchange”) for 10 consecutive trading days exceeds $4.50.As of the close of markets on November 14, 2017, the VWAP of the Common Shares on the Exchange for 10 consecutive trading days equalled $5.01. Effective today, the Warrants are set to expire at 5:00 p.m. (Vancouver time) on Friday, December 15, 2017. This news release constitutes notice to Warrant holders of the new expiry date. Any Warrants remaining unexercised after the new expiry date will be cancelled.
As of close of market November 14, 2017, a total of 16,946,690 warrants of the 17,251,640 originally issued had yet to be exercised. Each Warrant is exercisable to acquire one Common Share of the Company at an exercise price of $3.00. Consequently, if all Warrants are exercised, proceeds will total $50,840,070.