CALGARY, AB, Sept. 21, 2021 /PRNewswire/ - Sundial Growers
Inc. (NASDAQ: SNDL) ("Sundial" or the "Company") announced that it
has reacquired (the "Acquisition") more than 10% of the issued
outstanding common shares ("Common Shares") of The Valens Company
Inc. ("Valens") (TSX: VLNS) (OTCQX: VLNCF).
On September 17, 2021, Sundial
acquired 100,000 Common Shares at a price of $3.00 per Common Share (the "Transaction") for
total consideration of $300,000.
Immediately before the completion of the Transaction, Sundial owned
18,571,300 Common Shares, representing approximately 9.99% of the
issued and outstanding Common Shares on a non-diluted basis as at
September 20, 2021. Following the
completion of the Transaction, together with all previous
acquisitions of Common Shares by Sundial, the Company now owns
18,671,300 Common Shares, representing approximately 10.00% of the
issued and outstanding Common Shares on a non-diluted basis as at
September 20, 2021. Sundial's average
cost base for the Common Shares, including those acquired in the
Transaction, is $2.665 per Common
Share.
The Company acquired the securities reported herein for
investment purposes. The Company may, depending on market and other
conditions, increase or decrease its beneficial ownership in
Valens' securities, whether in transactions over the open market,
by privately negotiated arrangements or otherwise, subject to a
number of factors, including general market conditions and other
available investment and business opportunities.
This news release is being issued to comply with National
Instrument 62-103 - The Early Warning System and Related Take-Over
Bid and Insider Reporting Issues. An early warning report regarding
these transactions has been filed on the System for Electronic
Document Analysis and Retrieval (SEDAR) at www.sedar.com under
Valens' issuer profile and may be obtained directly from Sundial
upon request at the telephone number below. Sundial's head office
is located at #300, 919 - 11th Avenue SW, Calgary, AB T2R 1P3. Valens' head office
address is 96 Spadina Avenue, Suite 400, Toronto, Ontario M5V 2J6.
ABOUT SUNDIAL GROWERS INC.
Sundial is a public company with Common Shares traded on Nasdaq
under the symbol "SNDL". Our business is reported and analyzed
under two operating segments: Cannabis and
Investments.
As a licensed producer that crafts small-batch cannabis using
state-of-the-art indoor facilities, our 'craft-at-scale' modular
growing approach, award-winning genetics and experienced growers
set us apart. Sundial's brand portfolio includes Top Leaf, Sundial
Cannabis, Palmetto and Grasslands. Sundial also operates the
Spiritleaf retail banner. Spiritleaf aims to be the most
knowledgeable and trusted source of recreational cannabis by
offering a premium consumer experience and quality curated cannabis
products.
Our investment operations seek to deploy strategic capital
through direct and indirect investments and partnerships throughout
the global cannabis industry.
We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds and Rocky
View County, Alberta, Canada. For
more information on Sundial, please go
to www.sndlgroup.com.
Forward-Looking Information Cautionary
Statement
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"), including, but not
limited to, statements regarding the Company's potential further
investment in or divestment of Common Shares of
Valens. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate",
"estimate", "likely", "outlook", "forecast", "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. Please see "Item
3D Risk Factors" in the Company's Annual Report on Form
20-F, which was filed with the Securities and Exchange Commission
("SEC") on March 17, 2021, and the
risk factors included in our other SEC filings for a
discussion of the material risk factors that could cause actual
results to differ materially from the forward-looking information.
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.
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SOURCE Sundial Growers Inc.