Aurora Cannabis ups financing deal to $150 mln, shares fall

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Aurora Cannabis Inc. ACB, -39.01% ACB, -34.58% shares dropped 28% Friday after the cannabis company said it would increase the size of its bought deal financing to $150 million from $125 million. A syndicate of underwriters led by Canaccord Genuity and BMO Capital Markets will buy on a bought deal basis 61.2 million units of the company at a price of $2.45 per unit for gross proceeds of approximately $150 million. Each Unit will be comprised of one common share and one common share purchase warrant exercisable for 36 months following the closing date of the offering at an exercise price of $3.20 per warrant share. Aurora said the money will be used for general corporate purposes. Aurora Cannabis shares have lost 63% of their value this year, compared to a 41.9% loss by the Cannabis ETF THCX, -1.25%.

This article was originally published by Marketwatch.com. Read the original article here.

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