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BRIEF-Alcanna And YSS Corp. Announce Combination Of Cannabis Retail Businesses

Published 2021-01-18, 07:57 a/m
© Reuters.
NOVC
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Jan 18 (Reuters) - YSS Corp YSS.V :

* ALCANNA INC. AND YSS CORP. ANNOUNCE COMBINATION OF CANNABIS RETAIL BUSINESSES TO FORM NOVA CANNABIS INC. AND CONCURRENT $25 MILLION EQUITY FINANCING

* APPROXIMATELY 80% OF NEW NOVA'S LOCATIONS ARE EXPECTED TO BE RE-BRANDED AS "VALUE BUDS"

* YSS - IN CONNECTION WITH DEAL, ACS LP, THROUGH UNIT TO COMPLETE A BROKERED PRIVATE PLACEMENT OF AT LEAST 8.3 MILLION SUBSCRIPTION RECEIPTS OF ACS FINCO

* YSS CORP - AFTER COMPLETION OF AMALGAMATION AND ASSUMING CONCURRENT FINANCING IS COMPLETED, ANTICIPATED ALCANNA WILL HOLD ABOUT 69.2%

* YSS CORP - AFTER COMPLETION OF AMALGAMATION AND ASSUMING CONCURRENT FINANCING IS COMPLETED, ANTICIPATED CURRENT YSS SHAREHOLDERS WILL HOLD ABOUT 14.7%

* YSS CORP - AGREEMENT AND CONCURRENT FINANCING IMPLY A DEEMED VALUE FOR NEW NOVA OF $130 MILLION

* YSS CORP - AGREEMENT AND CONCURRENT FINANCING IMPLY A DEEMED VALUE PER COMMON SHARE OF YSS OF ABOUT $0.1635

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