CALGARY, AB, Feb. 19, 2021 /PRNewswire/ - Sundial Growers
Inc. (NASDAQ: SNDL) ("Sundial" or the "Company") announced today
that holders (the "Holders") of 98,333,334 warrants (the
"Warrants") to purchase common shares (the "Common Shares") of the
Company will exercise for cash their Warrants at prices of
US$0.80 and US$1.10 for gross proceeds to Sundial of
US$89.1 million.
In exchange, the Company will issue 98,333,334 warrants (the
"New Warrants"), each entitling the Holders to purchase one Common
Share at an exercise price of US$1.50, subject to customary anti-dilution
adjustments. Sundial has granted the Holders rights to have the
Common Shares issuable upon exercise of the New Warrants registered
pursuant to a registration statement (the "Registration Statement")
to be filed with the SEC. The New Warrants are immediately
exercisable and have a term of 42 months from the effective date of
the Registration Statement.
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"), including, but not
limited to, statements regarding the filing of any resale
registration statement. 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 on
March 30, 2020, as updated by the
Company's subsequent filings with the SEC, 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.