NASDAQ | TSX: ACB
EDMONTON, AB, Sept. 8,
2023 /PRNewswire/ - Aurora Cannabis Inc. ("Aurora" or
the "Company") (NASDAQ: ACB) (TSX: ACB), the Canadian company
opening the world to cannabis, today announced that it has
repurchased an aggregate of approximately $12.3 million (US$9.0
million) principal amount of its convertible senior notes
("Notes") in multiple transactions between
August 16 and September 8, 2023 at a total cash cost of
$12.3 million (~US$9.0 million), including accrued interest,
satisfied by the issuance of an aggregate ~20.1 million common
shares of Aurora. Following completion of these repurchases, Aurora
will have approximately $53 million
(US$39 million) of Notes
outstanding.
The purpose of the transactions was to reduce the Company's debt
and annual cash interest costs, reinforcing our commitment to
achieving our target of positive free cashflow in calendar year
2024. In total, the transactions announced today will save Aurora
$0.66 million in annualized interest
payments. Aurora has repurchased an aggregate of approximately
$419 million (US$306 million) principal amount of its
convertible senior notes since December
2021, resulting in total cash interest savings of
approximately $31.7 million
(US$23.9 million).
"As of today, Aurora has reduced its convertible debt from
US$345 million to below US$39 million," stated Aurora's CEO Miguel Martin, "With one of the strongest
balance sheets of the Canadian LPs evidenced by our net cash
position and continued commitment to prudent fiscal management, we
are confident in our ability to achieve our target of positive free
cash flow within calendar year 2024."
This announcement does not constitute an offer to sell, or a
solicitation of an offer to buy any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offering would be unlawful.
About Aurora
Aurora is opening the world to cannabis, serving both the
medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in
global cannabis, dedicated to helping people improve their lives.
The Company's adult-use brand portfolio includes Aurora Drift, San
Rafael '71, Daily Special, Whistler, Being and Greybeard. Medical
cannabis brands include MedReleaf, CanniMed, Aurora and Whistler
Medical Marijuana Co. Aurora also has a controlling interest in
Bevo Farms Ltd., North America's
leading supplier of propagated agricultural plants. Driven by
science and innovation, and with a focus on high-quality cannabis
products, Aurora's brands continue to break through as industry
leaders in the medical, performance, wellness and adult
recreational markets wherever they are launched. Learn more at
www.auroramj.com and follow us on Twitter and LinkedIn.
Aurora's common shares trade on the NASDAQ and TSX under the
symbol "ACB".
Forward Looking Statements
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements made in this news
release include, but are not limited to, statements regarding the
Company's repurchase of convertible notes, savings in annualized
interest payments, and the Company's commitment to prudent
fiscal management and its ability to achieve positive free cash
flow in calendar year 2024.
These forward-looking statements are only predictions. Forward
looking information or statements contained in this news release
have been developed based on assumptions management considers to be
reasonable. Material factors or assumptions involved in
developing forward-looking statements include, without limitation,
publicly available information from governmental sources as well as
from market research and industry analysis and on assumptions based
on data and knowledge of this industry which the Company believes
to be reasonable. Forward-looking statements are subject to a
variety of risks, uncertainties and other factors that management
believes to be relevant and reasonable in the circumstances could
cause actual events, results, level of activity, performance,
prospects, opportunities or achievements to differ materially from
those projected in the forward-looking statements. These risks
include, but are not limited to, the ability to retain key
personnel, the ability to continue investing in infrastructure to
support growth, the ability to obtain financing on acceptable
terms, the continued quality of our products, customer experience
and retention, the development of third party government and
non-government consumer sales channels, management's
estimates of consumer demand in Canada and in jurisdictions where the Company
exports, expectations of future results and expenses, the risk of
successful integration of acquired business and operations,
management's estimation that SG&A will grow only in proportion
of revenue growth, the ability to expand and maintain distribution
capabilities, the impact of competition, the general impact of
financial market conditions, the yield from cannabis growing
operations, product demand, changes in prices of required
commodities, competition, and the possibility for changes in laws,
rules, and regulations in the industry, epidemics, pandemics or
other public health crises, including the current outbreak of
COVID-19, and other risks, uncertainties and factors set out under
the heading "Risk Factors" in the Company's annual information form
dated June 14, 2023 (the "AIF") and
filed with Canadian securities regulators available on the
Company's issuer profile on SEDAR at www.sedarplus.com and
filed with and available on the SEC's website at www.sec.gov.
The Company cautions that the list of risks, uncertainties and
other factors described in the AIF is not exhaustive and other
factors could also adversely affect its results. Readers are urged
to consider the risks, uncertainties and assumptions carefully in
evaluating the forward-looking statements and are cautioned not to
place undue reliance on such information. The Company is under no
obligation, and expressly disclaims any intention or obligation, to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities law.
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SOURCE Aurora Cannabis Inc.