NORTHERN PRIVATE CAPITAL FILES EARLY WARNING REPORT

TORONTO, March 6, 2024 /CNW/ - 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 and Northern Private Capital Fund I Non-Resident Limited Partnership (together, the "NPC Funds").

The requirement to file the Early Warning Report was triggered on March 5, 2024, when the NPC Funds entered into an agreement to dispose of 2,500,000 Common Shares to certain arms' length persons in a private transaction by way of a block-trade, at a price of C$15.00 per Common Share, for aggregate gross proceeds of C$37,523,250.00 (the "Block Trade"). Settlement of the Block Trade is expected to occur on March 7, 2024. Immediately prior to the Block Trade, the NPC Funds held 8,077,493 Common Shares, and together with Northern Private Capital Holdings Ltd. ("NPC Holdings") and CFFI Ventures Inc. ("CFFI"), held (on an aggregate basis) 14,173,460 Common Shares, representing approximately 11.86% of the issued and outstanding Common Shares on a non-diluted basis.  As a result of the Block Trade, the NPC Funds will have disposed of beneficial ownership of, and control and direction over, Common Shares which represent more than 2% of the issued and outstanding Common Shares and will hold 5,577,493 Common Shares.

The Common Shares to be disposed of pursuant to the Block Trade were sold for investment purposes.  The remaining Common Shares beneficially owned by the NPC Funds are held for investment purposes.  The NPC Funds 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.

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 Funds and NPC Holdings are acting jointly or in concert with CFFI, that is not admitted. 

The address of Northern Private Capital ("NPC") is located at 135 Yorkville Avenue, 9th Floor, Toronto, Ontario M5R 0C7. 

About Northern Private Capital

Based  in  Toronto,  NPC invests in innovative companies that utilize technology to disrupt industries, solve big problems and improve the world at large.

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]