Aurora Cannabis has arranged a private placement of its securities to raise another 100 million Canadian dollars ($80 million), giving the Alberta producer a cash cushion totaling more than CA$340 million.
The deal comes just two days after Aurora offered to acquire rival producer CanniMed Therapeutics for CA$544 million ($425 million) in stock. It’s unclear whether the proceeds will be used in connection with the proposed acquisition.
Aurora – based in Alberta and traded on the Toronto Stock Exchange under the symbol ACB – said in a news release it plans to deploy the proceeds to hasten its domestic and international expansion.
The company’s investment bank, Canaccord Genuity, agreed to line up buyers for as many as 100,000 special warrants for CA$1,000 each.
Canaccord also has an option to line up buyers for an additional 15,000 special warrants totaling CA$15 million.
The offering is expected to close around Nov. 24.
In October, Aurora Cannabis reached a stock-purchase deal to raise CA$60 million.