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SERVICES FOR DISSEMINATION IN THE UNITED STATES/
EDMONTON, Alberta and CALGARY, Alberta, Jan. 18, 2021 (GLOBE NEWSWIRE) — Alcanna Inc. (“Alcanna“) (TSX: CLIQ) and YSS Corp. (“YSS“) (TSX-V: YSS; WCN: A2PMAX; and OTCQB: YSSCF) are pleased to announce the execution of a business combination agreement dated January 18, 2021 (the “Agreement“), pursuant to which Alcanna will spin-out its retail cannabis business and combine with YSS to launch a new discount-focused cannabis retailer in an all-stock transaction that will result in the reverse take-over of YSS by Alcanna (the “Transaction“). Eight Capital (“Eight Capital“) and Cormark Securities Inc. (“Cormark” and together with Eight Capital, the “Agents“), have been engaged to lead a minimum $25.0 million equity financing of an affiliate of Alcanna in connection with the Transaction (the “Concurrent Financing“).
On closing, the resulting company, which is expected to be renamed (the “Name Change“) Nova Cannabis Inc. (“New Nova” or “Company“), will have 53 retail locations in Alberta, Saskatchewan and Ontario, with another 9 locations under construction. Approximately 80% of New Nova’s locations are expected to be re-branded as “Value Buds” and will target the value-conscious consumer, an under-served segment of the market that…
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/EIN News/ — /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES FOR DISSEMINATION IN THE UNITED STATES/
EDMONTON, Alberta and CALGARY, Alberta, Jan. 18, 2021 (GLOBE NEWSWIRE) — Alcanna Inc. (“Alcanna“) (TSX: CLIQ) and YSS Corp. (“YSS“) (TSX-V: YSS; WCN: A2PMAX; and OTCQB: YSSCF) are pleased to announce the execution of a business combination agreement dated January 18, 2021 (the “Agreement“), pursuant to which Alcanna will spin-out its retail cannabis business and combine with YSS to launch a new discount-focused cannabis retailer in an all-stock transaction that will result in the reverse take-over of YSS by Alcanna (the “Transaction“). Eight Capital (“Eight Capital“) and Cormark Securities Inc. (“Cormark” and together with Eight Capital, the “Agents“), have been engaged to lead a minimum $25.0 million equity financing of an affiliate of Alcanna in connection with the Transaction (the “Concurrent Financing“).
On closing, the resulting company, which is expected to be renamed (the “Name Change“) Nova Cannabis Inc. (“New Nova” or “Company“), will have 53 retail locations in Alberta, Saskatchewan and Ontario, with another 9 locations under construction. Approximately 80% of New Nova’s locations are expected to be re-branded as “Value Buds” and will target the value-conscious consumer, an under-served segment of the market that…
