Sundial completes convertible note financing
On July 8, 2019, Sundial Growers Inc. ("Sundial") announced the closing of two significant finance transactions, including its private placement of unsecured convertible 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 proceeds from the private placement, as well as the concurrently announced four-year term debt facility that will be released in tranches upon the fulfilment of certain predefined conditions, enables Sundial to continue their strategic growth plan and support the development of their cannabis brands.
Sundial is a licensed cannabis producer based in Alberta. Their brands include Heal, Help and PlayTM:
- Heal – cannabis products used as prescription medicine
- Help – cannabis products that strive to promote overall Health and wellness through CBD
- Play – cannabis products to enhance social, spiritual and recreational occasions
Further information can be found on Canada Newswire's website.