Aphria Inc. announced today that it has entered into an agreement to secure $100 million in financing. The strategic investment (Investor) has agreed to purchase 14,044,944 units of the company at a price of C$7.12 per share.
Each unit is comprised of one common share of Aphria and one-half of one common share purchase warrant of Aphria. The investor will acquire one common share at a price of $9.26 for a period of 24 months from the closing date of the Offering. Aphria will use net proceeds from the offering to finance international expansion, working capital and general corporate purposes.
CFO Carl Merton, said in a statement, “Given the strength of our leadership team, the continued execution of our strategic plan and the robust opportunities, we were able to secure this additional capital from a single investor.” This investment will help Aphria strengthen their balance sheet and propel the company forward.
About Aphria Inc.
Aphria Inc. is a Canadian cannabis company listed on the TSX and NYSE. Aphria received license approval from Health Canada in March 2019 to operate a 1,100,000 square foot greenhouse to produce cannabis in Leamington, ON. This greenhouse is capable of producing 110,000 kg of cannabis annually. Aphria is currently constructing another greenhouse in the Leamington, ON called Aphria Diamond that is estimated to produce an additional 120,000 kg of cannabis annually when completed.