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Aurora Cannabis Inc (OTCMKTS:ACBFF) Increases Ownership Stake In Radient Technologies

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Aurora Cannabis Inc (OTCMKTS:ACBFF) reported that further to the investor rights deal between both firms, as reported on November 6, 2017, the company will make an additional investment in Radient for an aggregate of $12 million.

The details

As per the strategic investment, there will be exercise of all around 15.856 million stock purchase warrants of Radient presently held by Aurora for aggregate proceeds of $5.8 million. It will comprise investment through a private placement in units comprising of one common share and one purchase warrant of Radient.

Units are valued at $1.37. Each warrant offers Aurora the right to buy one common share of Radient priced at $1.71 for a period of one year following placement closing. Aurora will be buying around 4.541 million units for aggregate proceeds of $6.2 million.

Aurora reported that this placement is subject to the receiving of all required approvals, including the nod of the TSX Venture Exchange. All stocks issued in connection with the placement are subject to a statutory 4-month hold period. Upon closure of the investment, the company will have increased its stake in Radient to 19.18% from 8.8% on an undiluted basis.

Radient plans to utilize the proceeds from the financing to boost plant capacity expansion and enhanced throughput at its Edmonton facility, the buy of land nearby to this facility for further growth, including preparations for the extending range of extraction-based cannabis offerings that are anticipated to be approved under the new Cannabis Act, and for working capital purposes.

Terry Booth, the CEO of Aurora, expressed that with numerous Aurora facilities getting online and increasing production in the imminent quarters, and the expected export of cannabis oils and setup for the legalization of adult use in Canada, Radient’s intended expansion positions both firms remarkably well to boost revenue growth. This investment exhibits their plan to establish a constellation of vertically integrated associates and subsidiaries, and they look forward to jointly following further growth of market share in this current space.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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