CannaRoyalty Shares Closing Details of Anandia Acquisition
CannaRoyalty announced the closing of the C$115 million acquisition of its subsidiary Anandia Laboratories by Aurora Cannabis.
CannaRoyalty (CSE:CRZ) announced the closing of the C$115 million acquisition of its subsidiary Anandia Laboratories by Aurora Cannabis (TSX:ACB).
As quoted in the press release:
Under CannaRoyalty’s formerly disclosed investment relationship with Anandia, CannaRoyalty initially invested approximately C$4 million in Anandia, in February 2017. With the close of the Acquisition, CannaRoyalty’s equity stake in Anandia is valued at approximately C$17 million based on the closing price of Aurora shares on August 8, 2018, representing a return on investment of approximately 315 [percent] for the Company’s shareholders.
Pursuant to the acquisition agreement signed by Anandia and Aurora, Aurora purchased 100 [percent] of the issued and outstanding shares from Anandia’s shareholders in exchange for common shares of Aurora based on the 20-day VWAP (to the Effective Date) equivalent to approximately C$115 million. In addition, each Aurora share was accompanied with a warrant exercisable for 1/2 of an Aurora common share at an exercise price equal to the issue price plus 10 [percent] with a term of 5 years.