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| Press Release

Sienna Senior Living Inc. Announces Closing of Common Share Offering for Gross Proceeds of Approximately $160 Million

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

MARKHAM, Ontario, Feb. 09, 2018 (GLOBE NEWSWIRE) --  Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX:SIA) announced today that it has completed its previously announced offering of 9,066,000 common shares (“Common Shares”) at a price of $17.65 per Common Share, on a bought deal basis, for gross proceeds of $160,014,900 (the “Offering”).  The syndicate of underwriters was led by TD Securities Inc., as sole bookrunner, and included BMO Capital Markets, as co-lead underwriter.  Pursuant to the underwriting agreement for the Offering, the Company has granted the syndicate of underwriters an over-allotment option, exercisable in whole or in part at any time not later than the 30th day following the closing of the Offering, to purchase up to an additional 1,359,900 common shares on the same terms as the Offering.

The Company intends to use the proceeds from the Offering to fund a portion of the previously announced acquisition (the “Acquisition”) of ten high quality seniors’ living retirement residences located in Ontario, which the Company expects to close in the second quarter of 2018.

Further details of the Offering are described in the final short form prospectus of the Company dated February 2, 2018 filed with Canadian securities regulators. A copy of the final prospectus is available under the Company’s profile on the SEDAR website at www.sedar.com.

The securities offered pursuant to the Offering have not and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

ABOUT SIENNA

Sienna Senior Living Inc. (TSX:SIA) is a leading seniors’ living provider with 75 seniors’ residences in key markets in Canada. Sienna offers a full range of seniors’ living options, including independent and assisted living, long-term care, and specialized programs and services. Sienna also provides expert management services. Sienna is committed to national growth, while driving long-term value for shareholders. The Company’s more than 11,000 employees are passionate about helping residents live fully, every day, and were the driving force behind Sienna being named one of Canada’s Most Admired Corporate Cultures in 2017.  For more information, please visit www.siennaliving.ca.

FORWARD-LOOKING STATEMENTS

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may” “estimate”, “pro-forma” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements with respect to the intended use of proceeds of the Offering and the expected date of closing of the Acquisition. The forward-looking statements in this news release are based on certain assumptions, including that all conditions to completion of the Acquisition will be satisfied or waived. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form for 2016 available at www.sedar.com and in the Company’s final short form prospectus dated February 2, 2018. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update any such statement, whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION PLEASE CONTACT:

Lois Cormack
President & Chief Executive Officer
(905) 415-7612
Lois.Cormack@siennaliving.ca 

Nitin Jain
Chief Financial Officer and Chief Investment Officer
(905) 489-0787
Nitin.Jain@siennaliving.ca 

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