Sundial Raises $89 Million with Warrant Exchange

Sundial Announces Issuance of New Warrants and US$89.1 Million Proceeds from Warrant Exercises

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.

Original press release

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