CALGARY, AB, Feb. 4, 2021 /PRNewswire/ - Sundial Growers
Inc. (NASDAQ: SNDL) ("Sundial" or the "Company") announced today
that it has closed a best efforts underwritten registered offering
of 60,500,000 Series A Units, each consisting of one common share
and one-half Series A Warrant, with each whole Series A Warrant
entitling the holder to purchase one common share, and 14,000,000
Series B Units (and together with the Series B Units, the "Units"),
each consisting of one pre-funded Series B Warrant (together with
the Series A Warrants, the "Warrants") to purchase one common share
and one-half Series A Warrant, with each whole Series A Warrant
entitling the holder to purchase one common share. Each Series A
Unit was sold at a price of US$1.00
per Series A Unit and each Series B Unit was sold at a price of
US$1.00 per Series B Unit, minus
US$0.0001, and the remaining exercise
price of each Series B Warrant is equal to US$0.0001 per common share. The Warrants are
immediately exercisable and have a term of five years commencing on
the date of issuance. Only whole Warrants are exercisable. The
exercise price of the Series A Warrants is equal to US$1.10 per common share. All of the securities
in the offering are being sold by Sundial.
Sundial's gross proceeds from the offering were approximately
US$74.5 million, before deducting
underwriting discounts and estimated offering expenses.
Following the closing of the offering, Sundial has unrestricted
cash of approximately $610 million,
in addition to marketable securities and loans receivable of
approximately $61 million, and
approximately 1.56 billion common shares outstanding.
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.
ABOUT SUNDIAL GROWERS INC.
Sundial is a public company with Common Shares traded on Nasdaq
under the symbol "SNDL".
Sundial is a licensed producer that crafts cannabis using
state-of-the-art indoor facilities. Our 'craft-at-scale' modular
growing approach, award-winning genetics and experienced master
growers set us apart.
Our Canadian operations cultivate small-batch cannabis using an
individualized "room" approach, with 448,000 square feet of total
space.
Sundial's brand portfolio includes Top Leaf,
Sundial Cannabis, Palmetto and
Grasslands. Our consumer-packaged goods
experience enables us to not just grow quality cannabis,
but also to create exceptional consumer and customer
experiences.
We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds, AB,
and Rocky View County, AB.
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"). 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 the
risk factors identified in the Company's filings with the U.S.
Securities and Exchange Commission, including those identified in
the Company's Annual Report on Form 20-F, for a discussion of the
material risks 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.