On February 24, 2025, Sienna Senior Living Inc. announced a public offering of 7,920,000 common shares at $15.80 per share, raising gross proceeds of approximately $125.1 million. The company granted underwriters an over-allotment option to purchase up to an additional 1,188,000 common shares, which, if exercised in full, would bring the total proceeds to $143.9 million.

Net proceeds of approximately $119.5 million (after deducting underwriting fees and estimated expenses) will fund the equity component of Sienna’s acquisitions of Wildpine Residence, a 165-suite retirement residence in Stittsville, Ontario, for $48 million, and Cawthra Gardens, a 192-bed long-term care home in Mississauga, Ontario, for $32.6 million. Additional funds will be used for strategic growth initiatives and future acquisitions.

The offering was led by TD Securities Inc. as sole bookrunner, with a syndicate of underwriters including BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., Desjardins Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., Cormark Securities Inc., and iA Private Wealth Inc.

Legal counsel was provided by Torys LLP for Sienna and Blake, Cassels & Graydon LLP for the underwriters. The offering was conditionally approved for listing on the Toronto Stock Exchange (TSX) under the symbol "SIA".

The closing date is expected on February 27, 2025.