Aphria Completes Direct Prospectus MJDS $100 Million Unit Offering With Institutional Investor

Aphria Inc. (Aphria) (TSX: APHA and NYSE: APHA) announced on January 31, 2020 that it closed on a direct strategic investment from an institutional investor (Investor) for aggregate gross proceeds of $100 million (Offering). Pursuant to the Offering, the Investor purchased 14,044,944 units at a price of $7.12 per unit. Each unit is comprised of one common share of Aphria and one-half of one common share purchase warrant of Aphria. Each warrant will entitle the Investor to acquire one common share at a price of $9.26 for a period of 24 months from the closing date of the Offering. The units and the securities comprising the units were offered pursuant to a shelf registration statement (including a prospectus) previously filed with and declared effective by the U.S. Securities and Exchange Commission on November 26, 2019 and, in Canada, were offered and sold in Ontario only by way of a prospectus supplement dated January 30, 2020 to Aphria’s base shelf prospectus dated November 22, 2019. Fasken advised Aphria with a team comprised of Alex Nikolic, Grant McGlauglin, Zach Austin and Jake Woloshyn (Securities) and Christopher Steeves and Kathryn Walker (Tax).