Alcanna Announces Intention to Institute a Normal Course Issuer Bid
June 25 2021 - 5:00AM
Alcanna Inc. (the "
Company" or
"
Alcanna") (TSX: CLIQ) announced today its
intention, subject to regulatory approval, including the approval
of the Toronto Stock Exchange (the "
TSX"), to
commence a normal course issuer bid (the "
NCIB"),
which is expected to commence July 5, 2021 for a 12-month-period.
As of June 25, 2021, Alcanna had 36,204,449
common shares issued and outstanding. Under the NCIB, a maximum of
2,761,597 common shares (representing 10% of the public float of
common shares) may be repurchased by the Company in open market
transactions on the TSX, and/or alternative Canadian trading
platforms in the 12-month period following acceptance of the NCIB
by the TSX. The timing of and actual number of shares purchased
will be determined by the Company and be subject to market
conditions, share price and regulatory requirements.
Management of the Company believes that the
market price of its common shares may not reflect their underlying
value and that the purchase of the common shares for cancellation
will increase the proportionate interest of, and will be
advantageous to, all remaining shareholders. As a result, depending
upon future price movements and other factors, Alcanna believes
that the purchase of the common shares would be an appropriate
allocation of capital and in the best interests of the Company and
its shareholders. Furthermore, the purchases are expected to
benefit all persons who continue to hold common shares by
increasing their equity interest in Alcanna when the repurchased
shares are cancelled.
The common shares will be purchased through the
facilities of the TSX or other alternative Canadian marketplaces at
prevailing market prices at the time of purchase. All common shares
purchased under the bid will be cancelled. Decisions regarding any
future repurchases will be based on market conditions, share price
and other factors, including opportunities to invest in growth
capital. There can be no assurance as to the precise number of
common shares that will be repurchased. Alcanna may discontinue
purchases under the NCIB at any time, subject to compliance with
applicable regulatory requirements.
ABOUT ALCANNA
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 54 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 is available at www.sedar.com
and www.alcanna.com.
FORWARD-LOOKING STATEMENTS
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",
"intend", 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 potential
purchases of Alcanna's common shares under the NCIB.
With respect to forward-looking statements
contained in this news release, the Company has made assumptions
regarding, among other things: the ability of management to execute
the Company's strategic plan and growth strategy, including its
capital allocation strategy and specifically its ability to grow
its cannabis retail store locations and enhance profitability of
its liquor business, assumptions about the COVID-19 pandemic and
the impact it may have on the economies in Alberta and British
Columbia.
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 guaranteeing 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, among other things, the ability of
the Company to generate sufficient cash flow to meet obligations
and fund the NCIB; variability in the amount, number of common
shares, method, location and timing of purchases, if any, pursuant
to the NCIB; fluctuations in currency and interest rates, the
duration and severity of the COVID-19 pandemic on the business,
operations and financial condition of the Company; the risk that
Alcanna will be unable to execute its strategic plan and growth
strategy, including the capital allocation and retail cannabis
strategy, as planned without significant adverse impacts from
various factors beyond its control; dependence on suppliers;
potential delays or changes in plans with respect to capital
expenditures and the availability of capital on acceptable terms;
risks inherent in the liquor retail and cannabis industries;
competition for, among other things, customers, supply, capital and
skilled personnel; changes in labour costs and markets; incorrect
assessments of the value of acquisitions; general economic and
political conditions in Canada (including Alberta), and globally;
industry conditions, including changes in government regulations;
fluctuations in foreign exchange or interest rates; unanticipated
operating events; failure to obtain regulatory and third‐party
consents and approvals when required; changes in tax and other laws
that affect us and our security holders; the potential failure of
counterparties to honour their contractual obligations; stock
market volatility; and the other factors described in the Company's
public filings (including the Annual Information Form) available at
www.sedar.com. Readers are cautioned that this list of risk factors
should not be construed as exhaustive.
The forward-looking statements contained in this
news release are made as of the date hereof. Except as expressly
require 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.
FOR FURTHER INFORMATION
James BurnsVice Chair & Chief Executive OfficerAlcanna
Inc.(587) 460-1026
Alcanna (TSX:CLIQ)
Historical Stock Chart
From Jul 2024 to Aug 2024
Alcanna (TSX:CLIQ)
Historical Stock Chart
From Aug 2023 to Aug 2024