NDVAF - Sundial makes $22M investment in cannabis edibles company Indiva

Sundial Growers (SNDL) has made a $22M strategic investment in Indiva Limited (NDVAF), a Canadian manufacturer of cannabis edibles.The investment calls for Sundial to make a private placement of 25M shares of Indiva worth gross proceeds of $11M and a $11M non-revolving term loan facility.Net of fees, commissions, and expenses, Indiva is expected to receive gross proceeds of $20.9MIndiva plans to use the proceeds to rid its outstanding debt completely, working capital, and general corporate services.Sundial is up 7.2% to $2.23 and Indiva is unchanged at $0.40 premarket.

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Sundial makes $22M investment in cannabis edibles company Indiva