Alcanna Completes the Previously Announced Transaction Regarding the Sale of 8 Liquor Stores on Vancouver Island
October 30 2020 - 5:23PM
Further to its news release dated October 9, 2020, Alcanna Inc.
(the “
Company” or “
Alcanna”)
(TSX: CLIQ) today announced the successful closing of the Company’s
sale of eight (8) convenience-format liquor stores on Vancouver
Island, British Columbia to Mid-Island Consumer Services
Co-operative (“
Mid-Island Co-op”).
The total purchase price was approximately $21.2
million, inclusive of inventory and other assets. Alcanna received
approximately $20.9 million on closing and anticipates receiving up
to an additional $0.3 million prior to the end of 2020 as part of
the post-closing price adjustments. The stores will continue to be
operated under the Liquor Depot banner for a period of up to three
months as part of the transitional services provided by the
Company.
The proceeds from the transaction will be used
by Alcanna for investment in its Canadian liquor and cannabis
retail businesses, debt reduction and for general corporate
purposes.
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 215 locations in Alberta and British
Columbia. The Company also operates 33 cannabis retail stores, with
32 locations in Alberta and one location in Ontario.
Alcanna's common shares and convertible
subordinated debentures trade on the Toronto Stock Exchange under
the symbols "CLIQ" and "CLIQ.DB", respectively.
Additional information about Alcanna Inc. is
available at www.sedar.com and the Company’s website at
www.alcanna.com.
For Further Information
James BurnsVice Chair and Chief Executive
OfficerAlcanna Inc. (587) 460-1026
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