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Aurora Cannabis Inc. (TSX: ACB) (OTCQX: ACBFF) announced today that the Company has elected to exercise its right under the indenture governing the Company's 8.0% unsecured convertible debentures due November 1, 2018 to convert all of the principal amount outstanding of the remaining Debentures and unpaid accrued interest thereon up to December 9, 2017 into common shares of the Company. Pursuant to the terms of the Indenture, the Company may force the conversion of the Debentures at the conversion price of $2.00 per Common Share when the VWAP of the Common Shares on the TSX Exchange for 10 consecutive trading days equals or exceeds $3.00.
As of close of markets November 3, 2017, the VWAP of the Common Shares on the Exchange for 10 consecutive trading days equals $3.02. The Conversion is scheduled to be effective December 9, 2017. Therefore, on Monday, December 11, 2017, the estimated remaining total of $4.12 million of Debentures outstanding will be converted into approximately 2,060,000 Common Shares, and accrued interest will be paid.
"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," said Terry Booth, CEO.
The Company has provided the holders of the Debentures 30 days advance written notice of its intent to exercise the Conversion.
Effective immediately, Aurora has appointed Marc Lakmaaker as Director, Investor Relations and Corporate Development. Mr. Lakmaaker joins Aurora from NATIONAL Equicom, Canada's largest integrated communications firm, where he was Director, Investor Relations and head of the organization's CleanTech practice. Having worked with Aurora as an external consultant for the past 18 months, and active in the cannabis space for three years, he has extensive sector knowledge and experience. He also brings substantial international experience, having started his career in Europe working with global companies listed on various international exchanges, and will help Aurora further build its global investor profile. Mr. Lakmaaker holds an MSc in Chemical Engineering from Twente University, the Netherlands.