Calgary, AB (July 8, 2019) – Sundial Growers Inc. (“Sundial”) is pleased to announce that it has closed two significant finance transactions over the past quarter.
The first is a private placement of unsecured convertible notes (the “Notes”) for gross proceeds of C$92.6 million. The Notes accrue interest in kind and will mature in five years, unless earlier converted.
The second is a four-year term debt facility with an initial tranche of C$115 million and a second tranche of C$44.6 million to be available on the fulfilment of certain predefined conditions precedent.
“These transactions facilitate Sundial’s strategic plans for facility construction, debt repayment, accretive acquisitions and general corporate purposes,” said Torsten Kuenzlen, Chief Executive Officer of Sundial. “The proceeds, a portion of which has already been used, enable Sundial to continue our ambitious strategic growth plan and support our purpose of proudly crafting pioneering cannabis brands to Heal, Help and PlayTM.”
For more information about Sundial, visit www.sundialcannabis.com and follow us on Twitter @SundialCannabis and Instagram @SundialCannabis.