Sienna Files Final Short Form Prospectus in Connection with Bought Deal Equity Financing and Obtains Receipt of Final Prospectus

Final Short Form Prospectus is Accessible on SEDAR+

NOT FOR DISSEMINATION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

MARKHAM, Ontario, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“Sienna” or the “Company”) (TSX: SIA) announced today that, in connection with its previously announced “bought deal” equity financing, it has filed a final short form prospectus dated August 23, 2024 (the “Final Prospectus”) with the securities commissions or other similar regulatory authorities in each of the provinces and territories of Canada and has obtained a receipt therefor.

The Final Prospectus qualifies the distribution of 8,340,000 common shares of the Company (the “Common Shares”) at a price of $15.00 per Common Share (the “Offering Price”) and up to an additional 1,251,000 Common Shares at the Offering Price issuable upon the exercise of an underwriters’ over-allotment option, the particulars of which are described in the Final Prospectus (the “Offering”). Closing is expected to occur on or about August 28, 2024, and is subject to customary closing conditions, including applicable regulatory approvals.

Access to the Final Prospectus and any amendment is provided in accordance with securities legislation relating to procedures for providing access to a short form prospectus and any amendment. The Final Prospectus is accessible on SEDAR+ at . An electronic or paper copy of the Final Prospectus and any amendment may be obtained, without charge, from TD Securities Inc. at 1625 Tech Avenue, Mississauga, Ontario, L4W 5P5, Attention: Symcor, NPM, by telephone at (289) 360-2009, or by e-mail at , by providing the contact with an e-mail address or address, as applicable. Prospective investors should read the Final Prospectus in its entirety before making an investment decision.

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 SENIOR LIVING

Sienna Senior Living Inc. (TSX:SIA) offers a full range of senior living options, including independent living, assisted living and memory care under its Aspira retirement brand, long-term care, and specialized programs and services. Sienna’s approximately 12,500 employees are passionate about cultivating happiness in daily life. For more information, please visit .

FORWARD-LOOKING STATEMENTS

Certain of the statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management’s current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These statements generally use forward-looking words, such as “anticipate”, “continue”, “could”, “expect”, “may”, “will”, “estimate”, “believe”, “goals” or other similar words and include, without limitation, statements with respect to the closing of the Offering.

These statements are subject to significant known and unknown risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. The forward-looking statements in this news release are based on information currently available and what management currently believes are reasonable assumptions. The Company does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

FOR FURTHER INFORMATION, PLEASE CONTACT:

David Hung

Chief Financial Officer and Executive Vice President

(905) 489-0258

Nancy Webb

Senior Vice President, Public Affairs and Marketing

(905) 489-0788