CALGARY, Aug. 6, 2019 /CNW/ - Sundial Growers Inc.
("Sundial" or the "Company") (NASDAQ: SNDL) today announced the
closing of its previously announced initial public offering ("IPO")
of 11,000,000 common shares at a price to the public of
US$13.00 per share, for gross
proceeds of US$143,000,000. In
addition, the underwriters have been granted a 30-day
over-allotment option to purchase up to 1,650,000 additional common
shares.
The Company intends to use the net proceeds from the IPO, in
combination with cash on hand, other anticipated sources of
financing and expected cash flow from operations, to complete the
construction, expansion and transition of its cultivation and
processing facilities. The remainder of the net proceeds, if any,
will be used for capital expenditures required to maintain the
Company's productive capacity on an ongoing basis, future
acquisitions and general corporate purposes.
Cowen, BMO Capital Markets and RBC Capital Markets served as
joint book-running managers for the IPO. Barclays and CIBC Capital
Markets served as bookrunners and Scotiabank acted as co-manager
for the IPO.
Copies of the U.S. prospectus may be obtained from the SEC's
website or from Cowen, c/o Broadridge Financial Services, 1155 Long
Island Avenue, Edgewood, NY 11717,
Attention: Prospectus Department, or by email to
PostSaleManualRequests@broadridge.com or by telephone at
833-297-2926. Copies of the Canadian prospectus may be obtained
from www.sedar.com or from BMO Capital Markets, Brampton
Distribution Centre c/o The Data Group of Companies, 9195 Torbram
Road, Brampton, Ontario, L6S 6H2
or by telephone at (905) 791-3151 Ext 4312 or by email at
torbramwarehouse@datagroup.ca or RBC Capital Markets, 180
Wellington Street West, 8th Floor, Toronto, ON M5J 0C2, Attention: Simon Yeung, or via telephone: (416) 842-5349,
or via email at simon.yeung@rbc.com.
The offering has been made only by means of a
prospectus.
A registration statement relating to these securities was
declared effective by, the U.S. Securities and Exchange Commission.
The shares were also offered in each of the provinces and
territories of Canada, other than
Quebec, by way of a supplemented
PREP prospectus dated July 31, 2019
to the Company's final base PREP prospectus dated July 30, 2017. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
No securities regulatory authority has either approved or
disapproved of the contents of this press release.
About Sundial Growers Inc.
Sundial proudly crafts pioneering cannabis brands
to Heal, Help and PlayTM:
- Heal – cannabis products used as prescription
medicine
- Help – cannabis products that strive to promote
overall health and wellness through cannabinol (CBD)
- Play – cannabis products to enhance social,
spiritual and recreational occasions
Sundial operates five facilities, including two facilities
in Alberta and three in the United Kingdom, and is
currently building a third Canadian facility in British
Columbia.
This press release contains "forward-looking statements", which
may be identified by the use of words such as, "may", "would",
"could", "will", "likely", "expect", "anticipate", "believe,
"intend", "plan", "forecast", "project", "estimate", "outlook" and
other similar expressions, including statements in respect of the
over-allotment option and the Company's intended use of the net
proceeds of the IPO. Forward-looking statements are not a guarantee
of future performance and are based upon a number of estimates and
assumptions of management in light of management's experience and
perception of trends, current conditions and expected developments,
as well as other factors that management believes to be relevant
and reasonable in the circumstances, including assumptions in
respect of current and future market conditions. Actual results,
performance or achievement could differ materially from that
expressed in, or implied by, any forward-looking statements in this
press release, and, accordingly, you should not place undue
reliance on any such forward-looking statements and they are not
guarantees of future results. Forward-looking statements involve
significant risks, assumptions, uncertainties and other factors
that may cause actual future results or anticipated events to
differ materially from those expressed or implied in any
forward-looking statements, including that the eventual offering
price in respect of the initial public offering may fall outside of
the price range provided in the registration statement and the
prospectus . Please see the heading "Risk Factors" in the
registration statement and the prospectus for a discussion of the
material risk factors that could cause actual results to differ
materially from the forward-looking information. Sundial does not
undertake to update any forward-looking statements that are
included herein, except in accordance with applicable securities
laws.
SOURCE Sundial Growers