Nova Cannabis Shareholders Approve Proposed Plan of Arrangement with SNDL

EDMONTON, AB, Oct. 16, 2024 /CNW/ - Nova Cannabis Inc. ("Nova" or the "Company") (TSX:NOVC.TO) is pleased to announce the voting results of the special meeting (the "Meeting") of holders ("Nova Shareholders") of Nova's common shares (each, a "Nova Share") held earlier today. At the Meeting, Nova Shareholders voted in favour of a special resolution (the "Arrangement Resolution") to approve the proposed plan of arrangement (the "Arrangement") under Section 193 of the Business Corporations Act (Alberta) (the "ABCA") involving Nova and SNDL Inc. ("SNDL"), to be completed in accordance with the arrangement agreement dated August 12, 2024 (the "Arrangement Agreement") between the Nova and SNDL. Pursuant to the Arrangement Agreement, SNDL agreed to acquire all of the Nova Shares (other than those held by SNDL or its affiliates) in exchange for, with respect to each Nova Share, either: (i) $1.75 in cash; or (ii) 0.58 of a SNDL Share, subject to proration in accordance with the plan of arrangement contemplating the Arrangement (the "Consideration").