CALGARY, AB, Aug. 18, 2020 /CNW/ – Sundial Growers Inc. (NASDAQ: SNDL) (“Sundial” or the “Company”) announced today that it has closed a best efforts underwritten registered offering of 25,820,000 Series A Units, each consisting of one common share and one Series A Warrant to purchase one common share and 14,280,000 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 Series A Warrant to purchase one common share. Each Series A Unit will be sold at a price of US$0.50 per Series A Unit and each Series B Unit will be sold at a price of US$0.50 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. Sundial’s gross proceeds from this offering were approximately US$20 million, before deducting underwriting discounts and estimated offering expenses.
Canaccord Genuity LLC is acting as sole book-running manager for the offering.
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.
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 470,000 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.
Calgary, AB, with operations in Olds, AB, and Rocky View County, AB.
March 31, 2020, 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.