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Alberta, Canada-based medical marijuana cultivator Aurora Cannabis announced Tuesday that it plans to raise 25 million Canadian dollars ($19 million) in a private placement of convertible debentures.
The debt instruments mature in two years and can be converted into shares priced at CA$2.
Under the terms of the private placement, Aurora said in a press release, it also plans to convert CA$10 million of preexisting convertible debentures, with annual 10% interest rate, into about 8,695,652 additional common shares.
Aurora, which trades on the Toronto Venture Exchange, will use the proceeds mainly for expansion and “working capital,” the release said.