Benzinga | Feb 16, 2021 08:35AM EST

Sundial Announces $22M Investment In Indiva

CALGARY, AB and LONDON, ON, Feb. 16, 2021 /PRNewswire/ - Sundial Growers Inc. ("Sundial") (NASDAQ:SNDL), a Canadian licensed producer of recreational cannabis and Indiva Limited ("Indiva") (TSXV:NDVA) (OTCQX:NDVAF), a leading Canadian producer of cannabis edibles, are pleased to announce a $22,000,000 strategic investment (the "Investment") into Indiva by Sundial.

The Investment will be completed in the form of a brokered private placement (the "Placement") led by ATB Capital Markets Inc. ("ATB" or the "Agent") of 25,000,000 common shares of Indiva (the "Common Shares") at a price of $0.44 per Common Share, to raise gross proceeds of $11,000,000, and a non-revolving term loan facility to Indiva in the principal amount of $11,000,000 (the "Term Loan"). It is anticipated that Sundial will be the sole subscriber in the Placement. Proceeds to Indiva, net of fees, commissions and expenses are expected to be approximately $20.9 million.