Sundial Extends Alcanna Arrangement Agreement Outside Date

Alcanna Inc. CLIQ LQSIF reached mutual agreement with Sundial Growers Inc. SNDL, to extend the outside date for closing the transaction contemplated under the arrangement agreement between Sundial and Alcanna dated October 7, 2021, and amended on January 6, 2022, to March 30, 2022 in accordance with terms of the arrangement agreement.

Completion of the arrangement remains subject to certain other customary closing conditions as further described in the agreement, including the receipt of certain regulatory approvals required under applicable provincial liquor and cannabis legislation. The parties expect that the arrangement will close on or before March 30, 2022.

Under the deal, Sundial has agreed to acquire all of the issued and outstanding common shares in the capital of Alcanna from the holders of Alcanna shares. Following completion of the arrangement, each Alcanna shareholder will be entitled to receive, in exchange for each Alcanna share held 8.85 common shares in the capital of Sundial, and $1.50 in cash. Following the completion of the arrangement, the Alcanna shares are expected to be delisted from the Toronto Stock Exchange.

Following completion of the Arrangement, each Alcanna Shareholder will cease to be an Alcanna shareholder and to have any rights in respect of their Alcanna Shares other than to receive the revised consideration payable to such Alcanna shareholder pursuant to the plan of arrangement.