(Edmonton) Aurora Cannabis shares plunged more than 13% late Thursday morning after the cannabis producer announced plans to raise $33.8 million through a public offering ‘saving.

The company said Canaccord Genuity has agreed to purchase, on a bought deal basis, 46,250,000 shares of Aurora at a price of 73 cents per share.

It also granted Canaccord Genuity an over-allotment option of up to 6,937,500 additional shares under the same conditions. If the over-allotment option is exercised in full, the operation will mobilize a total of 38.8 million.

Aurora has explained that it intends to use the money thus obtained to repay the remainder of its outstanding convertible senior notes on or before their maturity.

The remainder, if any, will be used for strategic purposes, including possible acquisitions, she continued.

By late Thursday morning, Aurora’s share price was down 12 cents to trade at 73 cents on the Toronto Stock Exchange.

Company in this dispatch: (TSX: ACB)