Cannabis firm Aphria signs deal for $100M investment from institutional investor
Mature cannabis plants are photographed at the CannTrust Niagara Greenhouse Facility during the grand opening event in Fenwick, Ont., on June 26, 2018. THE CANADIAN PRESS/Tijana Martin
WINDSOR -- LEAMINGTON, ONT. -- Aphria Inc. says it has signed a deal with an institutional investor who has agreed to invest $100 million in the cannabis company.
The company did not identify the investor, who will acquire roughly 14 million units of the company at a price of $7.12 per unit.
Each unit will include one Aphria share and one-half of a share purchase warrant.
Each whole warrant will entitle the investor to acquire one Aphria share at a price of $9.26 for a period of 24 months from the closing date of the offering.
Aphria says it plans to use the net proceeds from the offering to finance international expansion, working capital and general corporate purposes.
Shares in the company were up 17 cents at $7.75 in initial trading on the Toronto Stock Exchange.