Exhibit 99.1
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October 3, 2023 |
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NASDAQ | TSX: ACB |
Aurora Cannabis Inc. Announces
Closing of its C$38.8 Million Bought Deal Financing, Including the Full Exercise of the Over-Allotment Option
Intends to Repay
Remaining Convertible Debt Balance, Saving Almost C$2 Million in Annual Interest Payments
Edmonton, AB October 3, 2023
Aurora Cannabis Inc. (Aurora or the Company) (NASDAQ | TSX: ACB), the Canadian company opening the world to cannabis, today announced the closing of its previously announced bought deal offering of 53,187,500
common shares of the Company (the Offered Securities) at a price of C$0.73 per Offered Security (the Offering Price), for aggregate gross proceeds to Aurora of approximately C$38,826,875 (the Offering).
The gross proceeds include the full exercise of the over-allotment option by Canaccord Genuity to purchase 6,937,500 additional common shares of the Company on the same terms as the Offering.
It is our intention to use the majority of the net proceeds from the Offering to repay the remaining balance of our convertible notes at or prior to
maturity, representing principal outstanding of approximately US$25 million. Pro forma the Offering but prior to any repayment of convertible notes, Aurora has a highly flexible capital structure, with approximately C$227 million of total
cash available to support strategic growth initiatives and value accretive M&A opportunities. As a result of the Offering, we do not believe that we will need to pursue an
at-the-market offering program for the medium term, as we expect to deliver on our stated objective of being free cash flow positive in calendar 2024 stated
Auroras CEO Miguel Martin.
A prospectus supplement (the Prospectus Supplement) to the Companys short form base shelf prospectus
dated April 27, 2023 (the Base Shelf Prospectus) has been filed with the securities commissions or securities regulatory authorities in each of the provinces of Canada, except Quebec. Copies of the Prospectus Supplement and the Base
Shelf Prospectus may be obtained on SEDAR+ at www.sedarplus.com and from Canaccord Genuity Corp., 40 Temperance Street, Suite 2100, Toronto, ON M5H 0B4. The Prospectus Supplement and the Base Shelf Prospectus contain important detailed
information about the Company and the Offering. Prospective investors should read the Prospectus Supplement, the Base Shelf Prospectus, and the other documents the Company has filed on SEDAR+ at www.sedarplus.com before making an investment
decision.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Offered Securities have not
been and will not be registered under the United States Securities Act of 1933, as amended (the U.S. Securities Act) or any state securities laws. Accordingly, the Offered Securities may not be offered, sold or delivered, directly or
indirectly, in the United States or to U.S. persons except pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This press release is for information purposes only and shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale 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 Companys 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 Americas leading supplier of propagated agricultural plants. Driven by science and innovation, and with a focus on high-quality cannabis products, Auroras brands
continue to break through as industry leaders in the medical, performance, wellness and adult recreational markets wherever they are launched.
Auroras common shares trade on the NASDAQ and TSX under the symbol ACB.