Aurora Cannabis forces conversion of C$4.12 million of debentures

By Tali Rackner

Minneapolis, Nov. 7 – Aurora Cannabis Inc. exercised the conversion option on the remaining C$4.12 million of its 8% unsecured convertible debentures due Nov. 1, 2018, according to a press release.

Under the terms of the indenture, the company may force the conversion at a price of C$2 per common share when the VWAP of the common shares on the TSX Exchange for 10 consecutive trading days equals or exceeds C$3. As of market-close on Nov. 3, the VWAP for the 10 consecutive trading days equaled C$3.02.

The conversion is scheduled to be effective on Dec. 9. On Dec. 11, the roughly C$4.12 million of debentures will be converted into about 2.06 million common shares, plus accrued interest.

"We are very pleased to convert these debentures, which provides us with additional interest savings, further strengthening our excellent balance sheet, and is reflective of Aurora's remarkable growth and operational progress," CEO Terry Booth said in the release.

Aurora Cannabis is a Vancouver, B.C. producer of medical cannabis.

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