CALGARY, AB, Feb. 2, 2021 /CNW/ - Sundial Growers Inc.
(Nasdaq: SNDL) ("Sundial" or the "Company") announced today that it
has priced 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 will be sold at a price of US$1.00 per Series A Unit and each Series B Unit
will be 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 will
equal US$0.0001 per common share. The
Warrants will be exercisable immediately after issuance 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 will be 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 are expected to
be approximately US$74.5 million,
before deducting underwriting discounts and estimated offering
expenses. The offering is expected to close on February 4, 2021, subject to customary closing
conditions. Upon closing of the offering, Sundial will have fully
utilized the capacity under its shelf registration statement filed
with the Securities and Exchange Commission (the "SEC") on Form F-3
and declared effective on January 25,
2021.
Canaccord Genuity LLC is acting as sole book-running manager for
the offering.
The offering will be made only by means of a prospectus
supplement and an accompanying prospectus filed as part of an
effective shelf registration statement filed with SEC on Form F-3
and declared effective on January 25,
2021 and an additional registration statement on Form F-3
filed pursuant to Rule 462(b) which became automatically effective
on February 2, 2021. A prospectus
supplement for the offering will be filed with the SEC and
available on the SEC's website, www.sec.gov. Copies of the
prospectus supplement, when available, may be obtained from
Canaccord Genuity LLC, Attention: Syndicate Department, 99 High
Street, 12th Floor, Boston, MA
02110, or by email at prospectus@cgf.com. 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"), including, but not
limited to, statements regarding the closing of the offering and
the expected gross proceeds from the offering. 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.