AURORA CANNABIS IN (OTCMKTS:ACBFF)
AURORA CANNABIS IN (OTCMKTS:ACBFF) has announced the conversion into common shares of the outstanding amount with regards to the remaining debentures and this will be effective next month. In absolute terms debentures outstanding which are valued at $73,593,000 will be converted into common shares numbering 22,368,693. After the announcement shares of Aurora Cannabis Inc fell by 13%.
According to the chief executive officer of AURORA CANNABIS IN (OTCMKTS:ACBFF), Terry Booth, the move will strengthen the company’s financial position allow it to execute an aggressive global expansion strategy.
“This conversion reflects our exceptional execution … We will be generating over $5 million in interest savings on an annual basis, while removing nearly $75 million in liabilities from our balance sheet,” Booth said.
Annual General Meeting
The announcement comes in the wake of Aurora releasing the voting results following the 2017 annual general meeting which was held on November 13 in Edmonton, Canada. During the AGM shareholders approved the matters that were contained in Aurora’s Management Information Circular – issued on October 6. Additionally, the shareholders approved MNP LLP being reappointed as the company’s auditors for the coming year.
During the AGM new directors were voted onto Aurora’s Board of Directors. The appointments include Diane Jang who also serves as the Chief Executive Officer of Hempco Food and Fiber. Jang has close to three decades worth of experience in the consumer-packaged goods sector. Before joining Hempco as the CEO, Jang was the president of Sunrise Soya Foods as well as the general manager of Earth’s Own Food.
Aurora’s Shareholders Meeting
AURORA CANNABIS IN (OTCMKTS:ACBFF) recently made an investment in Hempco which was approved by shareholders in a special meeting. After the investment, Aurora’s shareholding in Hempco will rise to more than 50%.
AURORA CANNABIS IN (OTCMKTS:ACBFF)’s AGM had been preceded by the release of Q1 2018 financial results. In the report Aurora indicated that the company now has more than 20,000 registered patients who are active. Revenues for the quarter increased by 169% year-over-year to reach a figure of $8.2 million. Revenues rose 39% compared to the previous quarter. Most of the revenue was generated in Canada with North American dried cannabis sales comprising more than half of the total sales.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.