Cronos Grouphas confirmed that it has sold all of its common shares in the capital of Whistler Medical Marijuana Corporation, representing approximately 19 percent of Whistler’s issued and outstanding common shares, to Aurora Cannabis for a total purchase price of approximately C$175 million, payable by the issuance of common shares in the capital of Aurora, and subject to certain working capital adjustments and holdbacks.
"As a result of the closing of the transaction, Cronos Group has received approximately 2.5 million Aurora Common Shares with an aggregate value of approximately C$24.6 million based on an issue price of $9.77 per Aurora Common Share, which represents the five-day volume weighted average price (VWAP) of Aurora Common Shares immediately prior to closing of the transaction. In addition, the company will receive further Aurora Common Shares valued at an aggregate of approximately C$7.6 million upon the satisfaction of certain specified milestones. The exact number of Aurora Common Shares to be issued to the Company following the satisfaction of each such milestone will be determined in reference to the five-day VWAP of Aurora Common Shares immediately prior to the achievement of the applicable milestone.", the team with the company explains.