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Alcanna to Acquire 28 Solo Liquor Stores for USD 12.4m.

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Vincent

MANews-(C)2009-2019

29 May 2019 - Canada-based Liquor Retailers Alliance Ltd. Partnership (Alliance), which is 71% owned by Canada-based alcohol retailer Alcanna Inc. (TSX: CLIQ), has entered into an agreement with FTI Consulting Canada Inc. in its capacity as court-appointed receiver and manager of the assets, properties and undertakings of Solo Liquor Stores Ltd. and Solo Liquor Holdings Ltd, to acquire underlying assets of 28 Solo Liquor stores, the company said.

Under the terms of the agreement, the Alliance will also acquire three additional leased locations that have not yet been opened, the Solo Liquor brand and related trademarks in exchange for CDN 12.4m plus inventory estimated at CDN 3.4m. The acquisition, which will be funded by the company's existing credit facilities, is anticipated to close in late June 2019.

The completion of the transaction is subject to customary conditions for a transaction of this nature including, amongst other things, the Court granting an approval and vesting order transferring the assets that are the subject of the purchase agreement prior to June...

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