Sienna Senior Living Inc. announced an at-the-market (ATM) equity offering of up to $125 million in common shares under a prospectus supplement dated May 6, 2025. The offering will be conducted through TD Securities Inc. as sole agent, with sales occurring on the Toronto Stock Exchange (TSX) or other recognized Canadian marketplaces. Shares will be sold at prevailing market prices with no minimum amount, meaning the company may raise less than the targeted $125 million or none at all.

The company intends to use the net proceeds for future investments such as acquisitions, developments or redevelopments, repayment of indebtedness, and general corporate purposes. Until deployed, proceeds will be held in cash or invested in secure instruments. TD Securities will receive up to 2.0% commission on gross proceeds, and total expenses for initiating the program are estimated at $275,000.

Legal counsel to Sienna is Torys LLP, while Blake, Cassels & Graydon LLP acts for TD Securities. Notably, Sienna is considered a “connected issuer” to TD Securities under Canadian securities regulations, as a TD affiliate is a lender to the company with approximately $89.5 million in outstanding obligations.

As of May 5, 2025, Sienna’s common shares traded at $17.13 on the TSX. The TSX has conditionally approved the listing of shares sold under the ATM program.