CALGARY, AB, Oct. 20, 2021 /PRNewswire/ - Sundial Growers Inc.
(NASDAQ: SNDL) ("Sundial") today announced that between
September 3, 2021 and October 19, 2021, Sundial disposed of 2,336,500
common shares ("Common Shares") in the capital of Indiva
Limited (TSXV: NDVA) (OTCQX: NDVAF) ("Indiva").
Between September 3, 2021 and
October 19, 2021, Sundial disposed of
2,336,500 Common Shares of Indiva (the "Indiva Shares")
through the facilities of TSX Venture Exchange (the "TSXV") at an
average price of $0.488 per Indiva
Share for a total consideration of $1,141,336. Prior to the dispositions, Sundial
held 25,000,000 Common Shares of Indiva, representing approximately
18.58% of the then issued and outstanding Common Shares of Indiva
on a non-diluted basis. As a result, following the completion of
these dispositions, and together with Indiva's various issuances of
Common Shares from treasury, Sundial has decreased its holdings in
Indiva by 2.99%. Immediately following this disposition, Sundial
now holds 22,663,500 Common Shares of Indiva representing 15.59% of
Indiva's issued and outstanding Common Shares on a non-diluted
basis.
The Indiva Shares were sold for investment purposes. Sundial
may, depending on market and other conditions, increase or decrease
its beneficial ownership in Indiva's 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 Indiva's 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.
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: one being Cannabis and the other
being 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 Sundial's potential further
investment in or divestment of Common Shares of Indiva.
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 Sundial'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. Sundial 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.