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EDMONTON, Alberta, Dec. 29, 2021 (GLOBE NEWSWIRE) — Alcanna Inc. (the “Company” or “Alcanna”) (TSX: CLIQ) reminds the holders (the “Alcanna Shareholders”) of common shares in the capital of Alcanna (each, an “Alcanna Share”) to cause their Alcanna Shares to be voted in connection with the upcoming special meeting of the Alcanna Shareholders (the “Meeting”) on January 7, 2022 at 10:00 a.m. (Mountain Time) to consider the special resolution (the “Arrangement Resolution”) to approve the proposed plan of arrangement (the “Arrangement”) with Sundial Growers Inc. (NASDAQ: SNDL) (“Sundial”). Under the terms of the arrangement agreement between Alcanna and Sundial dated October 7, 2021 (the “Arrangement Agreement”), Sundial will acquire all of the issued and outstanding Alcanna Shares in exchange for the issuance to Alcanna Shareholders of 10.69 common shares in the capital of Sundial (each, a “Sundial Share”) for each Alcanna Share held (the “Consideration”). The Consideration represents a deemed value of approximately $8.08 per Alcanna Share and implies an approximate 17% premium from the closing price of Alcanna Shares on the TSX as of December 29, 2021. At this implied price and based on Sundial’s 30-day average trading volumes as of December 29, 2021, it would take approximately 4 days of liquidity for holders of Alcanna Shares to dispose of all Sundial Shares received pursuant to the Arrangement.
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