Press release
Sundial Provides Update of Strategic Investment
CALGARY, AB, Jan. 6, 2021 /PRNewswire/ - Sundial Growers Inc.'s (Nasdaq: SNDL) ("Sundial" or the "Company") subsidiary special purpose vehicle that owns $51.9
About this update from Sndl Inc.
[{"type":"text","content":"CALGARY, AB, Jan. 6, 2021 /PRNewswire/ - Sundial Growers Inc.'s (Nasdaq: SNDL) (\"Sundial\" or the \"Company\") subsidiary special purpose vehicle that owns $51.9 million of aggregate principal amount of senior secured debt (the \"Senior Loan\"), such amount being inclusive of the payment referred to below, of Zenabis Investments Ltd. (\"Zenabis\"), a subsidiary of Zenabis Global Inc. (the \"Parent\") received a principal repayment of $7.0 million on December 31, 2020 (the \"Payment\") in accordance with the terms of the Senior Loan. Despite the Payment, a notice of default was delivered to Zenabis with respect to certain defaults under the terms of the Senior Loan. Zenabis is disputing said defaults. \n\n \n \n \n \n \n \n\n \nAll amounts are denominated in Canadian dollars.\nABOUT SUNDIAL GROWERS INC. \nSundial is a public company with Common Shares traded on Nasdaq under the symbol \"SNDL\". \nSundial 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. \nOur Canadian operations cultivate small-batch cannabis using an individualized \"room\" approach, with 448,000 square feet of total space. \nSundial'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. \nWe are proudly Albertan, headquartered in Calgary, AB, with operations in Olds, AB, and Rocky View County, AB. \nForward-Looking Information Cautionary Statement This news release includes statements containing certain \"forward-looking information\" within the meaning of applicable securities law (\"forward-looking statements\"), including, but not limited to, statements regarding the Company's debt position, cash balance outstanding shares and statements regarding the Company's future strategic initiatives. Forward-looking statements are frequently characterized by words such as \"plan\", \"continue\", \"expect\", \"project\", \"intend\", \"believe\", \"anticipate\", \"estimate\", \"likely\", \"outlook\", \"forecast\", \"may\", \"will\", \"potential\", \"proposed\" and other similar words, or statements that certain events or conditions \"may\" or \"wil...