Sundial Growers Inc. (NASDAQ: SNDL) (“Sundial“) today announced that between September 3, 2021 and October 19, 2021, Sundial disposed of 2,336,500 common shares (“Common Shares“) in the capital of Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF) (“Indiva“).
Between September 3, 2021 and October 19, 2021, Sundial disposed of 2,336,500 Common Shares of Indiva (the “Indiva Shares“) through the facilities of TSX Venture Exchange (the “TSXV”) at an average price of $0.488 per Indiva Share for a total consideration of $1,141,336. Prior to the dispositions, Sundial held 25,000,000 Common Shares of Indiva, representing approximately 18.58% of the then issued and outstanding Common Shares of Indiva on a non-diluted basis. As a result, following the completion of these dispositions, and together with Indiva’s various issuances of Common Shares from treasury, Sundial has decreased its holdings in Indiva by 2.99%. Immediately following this disposition, Sundial now holds 22,663,500 Common Shares of Indiva representing 15.59% of Indiva’s issued and outstanding Common Shares on a non-diluted basis.
The Indiva Shares were sold for investment purposes. Sundial may, depending on market and other conditions, increase or decrease its beneficial ownership in Indiva’s 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 Indiva’s 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.