EDMONTON — Shares of Aurora Cannabis Inc. were down more than 10 per cent after the cannabis company announced plans to raise $33.8 million in a share offering.

The company says Canaccord Genuity has agreed to buy, on a bought deal basis, 46,250,000 shares of the company at a price of 73 cents per share.

It has also granted Canaccord Genuity an over-allotment option for up to an additional 6,937,500 shares on the same terms. If the over-allotment option is exercised in full, the offering will total $38.8 million.

Aurora says it plans to use the money raised to repay the remainder of its outstanding convertible senior notes at or prior to maturity.

The company says the remainder, if any, will be used for strategic purposes, including potential acquisitions.

Aurora’s stock price was down 13 per cent at 79 cents per share in early trading on the Toronto Stock Exchange.

This report by The Canadian Press was first published Sept. 28, 2023.

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The Canadian Press

Tourism investment fuels growth in rural Alberta

“This funding is a game-changer for us and our business. We are excited to bring our vision to life and provide visitors with unforgettable experiences while supporting the economic growth of the surrounding community.”

Tourism is Alberta’s No. 1 service export sector. In 2019, Alberta welcomed 34.6 million visitors, generating $10.1 billion in expenditures and supporting more than 80,000 full-time jobs. The Tourism Investment Program is Travel Alberta’s commitment to investing $15 million annually with communities and operators to develop the province’s tourism sector. Developing Alberta’s rural and agri-tourism sector is an essential component of the government’s efforts to grow Alberta’s tourism economy to more than $20 billion by 2035.

Quick facts

• In 2022-23, Travel Alberta funded 166 projects across 73 communities – about 75 per cent of the projects and 70 per cent of the funding were in smaller urban and rural areas of the province.
• In December 2022, Alberta’s government released its Economic Development in Rural Alberta Plan, with supporting initiatives that demonstrate the government’s commitment to building healthy and prosperous communities across rural Alberta and Indigenous communities.