Canadian cannabis producer Aphria announced Friday that it has entered into an agreement with an institutional investor for a strategic investment worth 100 million Canadian dollars ($76 million).
Chief Corporate Affairs Officer Tamara Macgregor told Marijuana Business Daily the investor requested to remain anonymous.
The investor agreed to purchase just over 14 million Aphria units at CA$7.12 apice. Each unit comprises one common share and one-half of one common share purchase warrant. Each warrant entitles the investor to acquire one common share at a price of CA$9.26 for a period of 24 months from the closing date.
If exercised that would add a potential CA$60 million.
Aphria says it intends to use the proceeds to finance international expansion, working capital and general corporate purposes.
Chief Financial Officer Carl Merton said the investments represents an endorsement of Aphria in tough market conditions.
We expect this strategic investment to strengthen our balance sheet and propel Aphria forward as we continue to differentiate ourselves in the industry, Merton said in a statement.
Aphria reported a net loss of CA$8 million for the second quarter ending Nov. 30, 2019.
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Originally posted on Aphria secures CA$100 million injection from anonymous investor via Cannabis Industry News
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