Aurora Cannabis shares fall 40 per cent after share sale amendment
Aurora Cannabis Inc.'s share price fell by about 40 per cent, after the company announced it sold US$150 million worth of shares.
The Edmonton marijuana company's share price was $3.47 when trading ended Thursday, but by mid-morning Friday, had fallen to $2.07 and closed at $2.14.
The sale of shares was part of an amendment Aurora made to a previously announced bought deal financing.
The amendment made it possible for a syndicate of underwriters led by Canaccord Genuity and BMO Capital Markets to purchase 61.2 million Aurora units for US$2.45 each.
Each unit is comprised of one common share in Aurora and one common share purchase warrant, which can be used to acquire one common share for US$3.20 each in the next 36 months.
Aurora has yet to record a profit and in recent years has been trying to drive revenues by better aligning supply with demand, laying off staff and closing facilities.
This report by The Canadian Press was first published May 27, 2022.
CTVNews.ca Top Stories
BREAKING Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
AstraZeneca says it will withdraw COVID-19 vaccine globally as demand dips
AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its COVID-19 vaccine due to a 'surplus of available updated vaccines' since the pandemic.
'Summer of discontent': Federal unions vow to fight new 3-day a week office mandate
Federal unions are launching legal challenges and encouraging public sector workers to file "tens of thousands" of grievances over the new mandate requiring federal workers to return to the office at least three days a week in the fall.
Toronto police seek suspect vehicle after security guard shot outside Drake's mansion
Toronto police are seeking help from the public as they continue to investigate a shooting that seriously injured a security guard outside rapper Drake's mansion.
'Ozempic babies': Reports of surprise pregnancies raise new questions about weight loss drugs
Numerous women have shared stories of 'Ozempic babies' on social media. But the joy some experience in discovering pregnancies may come with anxiety about the unknowns.
OPINION What King Charles' schedule being too 'full' to accommodate son suggests
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Seafood, eat food: Calgary Stampede releases Midway menu
The Calgary Stampede has released its menu of sweet, salty and spicy treats available on the Midway for the Greatest Outdoor Show on Earth.
Boy Scouts of America is rebranding. Here's why they've changed their name
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
These snakes not only fake their own deaths, they use gory special effects to do it
Awards season may be over for human actors this year, but there’s no rest for some of nature’s most audacious thespians.