NORTHERN PRIVATE CAPITAL AND CFFI VENTURES FILE EARLY WARNING REPORT

TORONTO, June 10, 2022 /CNW/ - As of April 8, 2021 – This press release is being disseminated as required by securities legislation in connection with the filing of an early warning report (the "Early Warning Report") regarding the common shares ("Common Shares") of MDA Ltd. (the "Issuer") held by Northern Private Capital Fund I Limited Partnership, Northern Private Capital Fund I Non-Resident Limited Partnership (together, the "NPC Funds"), Northern Private Capital Holdings Ltd. ("NPC Holdings" and collectively with the NPC Funds, the "NPC Entities") and CFFI Ventures Inc. ("CFFI" and collectively with the NPC Entities, the "Acquirors").

These Common Shares were acquired on April 7, 2021 pursuant to certain transactions that were  undertaken in connection with the initial public offering of the Issuer that closed on April 8, 2021 (as described under the heading "Description of Share Capital – Pre-Closing Reorganization" in the final prospectus of the Issuer dated April 1, 2021) (the "Pre-Closing Reorganization").  The Acquirors hold, on an aggregate basis, 16,857,760 Common Shares, representing approximately 14.14% of the issued and outstanding Common Shares on a non-diluted basis. Prior to the completion of the Pre-Closing Reorganization, the Acquirors held no Common Shares.

The Common Shares were issued pursuant to the Pre-Closing Reorganization and were acquired for investment purposes.  Each of the Acquirors may, depending on price, market conditions or other conditions or factors it considers relevant from time to time, increase or decrease its beneficial ownership, control or direction over Common Shares or other securities of the Issuer through market transactions, private agreements or otherwise.

This press release is being disseminated, and the Early Warning Report is being filed, as a matter of caution.  While it could be argued that in relation to the Issuer, the NPC Funds are acting jointly or in concert with NPC Holdings, and the NPC Entities are acting jointly or in concert with CFFI, that is not admitted. 

The address of Northern Private Capital is located at 135 Yorkville Avenue, 9th Floor, Toronto, Ontario M5R 0C7.  The address of CFFI Ventures is located at 757 Bedford Highway, Bedford, Nova Scotia B4A 3Z7.

About Northern Private Capital and CFFI Ventures

Based  in  Toronto,  Northern Private Capital ("NPC") invests in innovative companies that utilize technology to disrupt industries, solve big problems and improve the world at large. NPC is currently investing out of its second Fund, Northern Private Capital Fund II.   CFFI Ventures is a diversified holding company operating internationally.

For  further  information  or  to  obtain  a  copy  of  the  Early Warning Report, please contact:

Northern Private Capital
135 Yorkville Avenue, 9thFloor
Toronto, Ontario
M5R 0C7

SOURCE Northern Private Capital

James Albrecht, Tel: [phone]