VANCOUVER, March 6, 2017 /CNW/ - Aurora Cannabis Inc. (the "Company" or "Aurora") (TSXV: ACB) (OTCQB: ACBFF) (Frankfurt: 21P; WKN: A1C4WM) is pleased to announce that its proposal (the "Proposal") to acquire Peloton Pharmaceuticals Inc. ("Peloton"), a late-stage ACMPR-applicant, out of bankruptcy protection was approved by Peloton's creditors at a recent meeting (the "Creditor Meeting").
Peloton is constructing a 40,000 square foot cannabis production facility in Pointe Claire, Quebec, which received a "ready to build" letter from Health Canada in 2014. The Company estimates that construction of the Peloton facility is 80% complete, and expects to be ready for Health Canada inspection pursuant to a License to Produce by the summer of 2017.
Under the terms of the Proposal, and subject to all conditions precedent being satisfied, the Company will provide a total investment pool of $7,000,000 of cash and common shares of Aurora for distribution to creditors.
Completion of the acquisition of Peloton is conditional upon, among other things, the Proposal being approved by the Quebec Superior Court of Justice (the "Court") and TSX Venture Exchange approval.
The motion to approve the Proposal is scheduled to be heard by the Court in late March. Although the motion may be contested by certain minority shareholders of Peloton, the Company anticipates that the Court will grant approval for the Proposal. The Proposal was approved by the required majority of Peloton's creditors at the Creditor Meeting, with no creditors voting against it, and is being supported by Peloton's current management.
Aurora's wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada's Access to Cannabis for Medical Purposes Regulations (ACMPR). The Company operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, and is currently constructing a second 800,000 square foot production facility, known as "Aurora Sky", at the Edmonton International Airport. The Aurora Sky project has secured advanced technology from the most renowned design and construction suppliers in the Netherlands. Aurora's common shares trade on the TSX-V under the symbol "ACB".
On behalf of the Board of Directors,
AURORA CANNABIS INC.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. There is no assurance that the Proposal will be completed on the terms or within the timeframe contemplated in this news release or at all. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Aurora Cannabis Inc.