ALCANNA INC. ANNOUNCES FINAL RESULTS OF SUBSTANTIAL ISSUER B Alcanna takes up, pays for 3.84M shares in issuer bid
Alcanna Inc. has released the final results of its substantial issuer bid to purchase from the holders of the common shares of the company up to $30-million of common shares. The Offer expired at 5:00 p.m. (Toronto time) on May 12, 2021.
Based on the final count by AST Trust Company (Canada), as depositary for the Offer (the "Depositary"), the Company has taken up and paid for 3,846,150 Common Shares at an aggregate purchase price of $29,999,970, or $7.80 per Common Share, excluding fees and expenses relating to the Offer. The "specified amount" for the purposes of subsection 191(4) of the Income Tax Act (Canada) in respect of each Common Share is $7.75. All Common Shares purchased by the Company under the Offer will be cancelled by the Depositary. The Common Shares purchased under the Offer represent approximately 9.6% of the Common Shares issued and outstanding before giving effect to the Offer. After giving effect to the cancellation of the Common Shares purchased by the Company under the Offer, there will be 36,204,449 Common Shares issued and outstanding.
The Company has made payment for the Common Shares tendered and accepted for purchase by tendering the aggregate purchase price to the Depositary in accordance with the Offer and applicable laws, and payment to the shareholders will be completed by the Depositary in due course. Payment for the Common Shares will be made in cash, without interest. Any Common Shares invalidly tendered or tendered and not purchased will be returned to the tendering shareholder promptly by the Depositary.
The full details of the Offer are described in the Company's offer to purchase and issuer bid circular dated April 7, 2021, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on Alcanna's profile at www.sedar.com. All documents referenced here are also available at Alcanna's website at www.alcanna.com.
About Alcanna Inc.
Alcanna is one of the largest private sector retailers of alcohol in North America and the largest in Canada by number of stores -- operating in excess of 170 locations in Alberta and British Columbia. The Company's majority-owned subsidiary, Nova Cannabis Inc. (TSXV: NOVC), also operates 53 cannabis retail stores in Alberta, Ontario, and Saskatchewan. Alcanna's common shares trade on the Toronto Stock Exchange under the symbol "CLIQ".