- Aphria Inc. (APHA) has closed an institutional investment worth C$100,000,001
- The company intends to use the funds to finance international expansion and for general working capital
- Aphria shares are currently down 1.9 per cent at C$6.20, with a market cap of C$1.6 billion
Aphria Inc. (APHA) has announced the closing of an institutional investment for gross proceeds of C$100,000,001.
The unnamed investor has agreed to purchase 14,044,944 units at a price of C$7.12. Each unit is comprised of on common share in the company, and half a common share purchase warrant.
Each of these warrants will entitle the investor to acquire one common share at a price of C$9.26, exercisable for a period of 24 months after closing of the offering.
Aphria – a global cannabis company with a presence in ten countries across five continents – intends to use the proceeds to finance international expansion, working capital and for general corporate purposes.
“We are pleased to be closing this successful $100 million strategic investment that reinforces confidence in our business and management team,” said Irwin Simon, Aphria CEO.
“Importantly, now with nearly C$600 million, our balance sheet has been further strengthened and will continue to support us as we execute upon our strategic plan for continued growth.”
The investment comes after recent news in which the company announced that it had received EU-GMP certification as an active substance manufacturer for its Aphria One facility in Leamington, Ontario.
Aphria shares are currently down 1.9 per cent at C$6.20, with a market cap of C$1.6 billion.