EDMONTON, AB, May 13, 2021 /CNW/ - Alcanna Inc.
("Alcanna" or the "Company") (TSX: CLIQ) announces
today the preliminary results of its substantial issuer bid to
purchase from holders of the common shares of the Company (the
"Common Shares") up to $30
million of Common Shares (the "Offer"). The Offer
expired at 5:00 p.m. (Toronto time) on May
12, 2021 (the "Expiry Date").
In accordance with the terms and conditions of the Offer and
based on a preliminary count by AST Trust Company (Canada) (the "Depositary"), the Company
expects to take up and purchase for cancellation 3,846,153 Common
Shares at a purchase price of $7.80
per Common Share (the "Purchase Price"), for aggregate
consideration of approximately $30
million, being the maximum purchase price payable under the
Offer. The Common Shares expected to be purchased under the Offer
represent approximately 9.6% of the Common Shares issued and
outstanding at the time the Offer was announced. After giving
effect to the cancellation of the Common Shares purchased by the
Company under the Offer, 36,204,446 Common Shares are expected to
be issued and outstanding.
The Offer was made by way of a modified Dutch auction. Holders
of Common Shares ("Shareholders") wishing to tender to the
Offer were able to do so pursuant to (i) auction tenders in which
they specified the number of Common Shares being tendered at a
price of not less than $7.55 and not
more than $8.30 in increments of
$0.05 per Common Share, or (ii)
purchase price tenders in which they did not specify a price per
Common Share, but rather agreed to have a specified number of
Common Shares purchased at the Purchase Price determined by the
auction tenders.
Based on the Depositary's preliminary count, approximately
7,142,829 Common Shares were tendered to the Offer. As the Offer
was oversubscribed, Shareholders who made auction tenders at a
price of $7.80 or less per Common
Share and purchase price tenders are expected to have approximately
94% of their successfully tendered Common Shares purchased by the
Company, other than "odd lot" tenders, which are not subject to
proration. Shareholders who made auction tenders at a price in
excess of $7.80 per Common Share will
have their Common Shares returned by the Depositary.
The number of Common Shares to be purchased under the Offer and
the Purchase Price are preliminary, subject to verification by the
Depositary and the assumption that all Common Shares tendered
through notice of guaranteed delivery will be delivered within the
two trading day settlement period. The Company will announce the
final results following completion of take-up of the Common
Shares.
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 SEDAR at www.sedar.com. All documents
referenced here are also available at Alcanna's website at
www.alcanna.com.
This news release is for informational purposes only and does
not constitute an offer to buy or the solicitation of an offer to
sell any Common Shares.
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". Additional
information about Alcanna Inc. is available at
www.sedar.com and the Company's website at
www.alcanna.com.
Forward-Looking Information
This news release contains forward-looking statements or
information (collectively "forward-looking statements")
within the meaning of applicable securities legislation.
Forward-looking statements are typically identified by words such
as "continue", "anticipate", "will", "should", "plan", "intention",
and similar words suggesting future events or future performance.
All statements and information other than statements of historical
fact contained in this news release are forward-looking statements.
In particular, this news release contains forward-looking
statements pertaining to the number and percentage of Common Shares
deposited and expected to be repurchased under the Offer and the
Purchase Price therefor; the percentage of successfully tendered
Common Shares to be purchased on a pro-rated basis; the timing of
payment for the Common Shares deposited under the Offer; the
aggregate purchase price of the Common Shares; and the number of
issued and outstanding Common Shares after the completion of the
Offer.
With respect to forward-looking statements contained in this
news release, the Company has made various assumptions in drawing
conclusions or making the projections contained in the
forward-looking statements in this news release. Although the
Company believes that the expectations reflected in the
forward-looking statements, and the assumptions on which such
forward-looking statements are made, are reasonable, there can be
no assurance that such expectations and assumptions will prove to
be correct. Readers should not place undue reliance on
forward-looking statements included in this news release.
Forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties that may cause
actual performance and financial results to differ materially from
any estimates, forecasts or projections. These risks and
uncertainties include that the number of Common Shares deposited
under the Offer are subject to verification by the Depositary and
the assumption that all Common Shares tendered through notice of
guaranteed delivery will be delivered within the two trading day
settlement period.
The forward-looking statements contained in this news release
are made as of the date hereof. Except as expressly required by
applicable securities legislation, Alcanna does not undertake any
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. The forward-looking statements contained in this news
release are expressly qualified by this cautionary statement.
SOURCE Alcanna Inc.