Sundial Growers Inc. (NASDAQ: SNDL) (“Sundial” or the “Company”) announced that it has reacquired (the “Acquisition”) more than 10% of the issued outstanding common shares (“Common Shares”) of The Valens Company Inc. (“Valens”) (TSX: VLNS) (OTCQX: VLNCF).
On September 17, 2021, Sundial acquired 100,000 Common Shares at a price of $3.00 per Common Share (the “Transaction”) for total consideration of $300,000. Immediately before the completion of the Transaction, Sundial owned 18,571,300 Common Shares, representing approximately 9.99% of the issued and outstanding Common Shares on a non-diluted basis as at September 20, 2021. Following the completion of the Transaction, together with all previous acquisitions of Common Shares by Sundial, the Company now owns 18,671,300 Common Shares, representing approximately 10.00% of the issued and outstanding Common Shares on a non-diluted basis as at September 20, 2021. Sundial’s average cost base for the Common Shares, including those acquired in the Transaction, is $2.665 per Common Share.
The Company acquired the securities reported herein for investment purposes. The Company may, depending on market and other conditions, increase or decrease its beneficial ownership in Valens’ securities, whether in transactions over the open market, by privately negotiated arrangements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.
This news release is being issued to comply with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. An early warning report regarding these transactions has been filed on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com under Valens’ issuer profile and may be obtained directly from Sundial upon request at the telephone number below. Sundial’s head office is located at #300, 919 – 11th Avenue SW, Calgary, AB T2R 1P3. Valens’ head office address is 96 Spadina Avenue, Suite 400, Toronto, Ontario M5V 2J6.
