Aurora Cannabis makes $10M equity investment in EnWave
To further cement the economic alignment between the companies, Aurora has made a $10M strategic equity investment in EnWave. Pursuant to the terms of a share purchase agreement between the parties dated April 25, Aurora has purchased 5,302,227 common shares in the capital of EnWave at a deemed price of $1.886 per share, based on the volume weighted average trading price for EnWave's shares on the TSX Venture Exchange for the five consecutive trading days to and including April 22. As consideration for the EnWave Shares, Aurora issued to EnWave 840,576 common shares in the capital of Aurora at a deemed price of $11.8966 per share, based on the VWAP for Aurora's shares on the Toronto Stock Exchange for the five consecutive trading days to and including April 22. The EnWave Shares represent approximately 4.91% of the issued and outstanding common shares of EnWave on a non-diluted basis. EnWave received conditional approval for the transaction from the TSXV on April 12. The TSX and NYSE have conditionally approved the listing of the Aurora Shares on such exchanges. Each of the EnWave Shares and the Aurora Shares will be subject to a hold period of four months and one day from the date of issuance pursuant to applicable securities laws.