Alta, Wyoming--(Newsfile Corp. - January 29, 2024) - Cannell Capital, LLC ("Cannell"), a Wyoming limited liability company, in its capacity as general partner and investment adviser to Tonga Partners, L.P. and Tristan Partners, L.P., and investment adviser to Tristan Offshore Fund, Ltd. and a separately-managed account (collectively, the "Funds") announced today that on January 22, 2024, Tonga Partners, L.P., Tristan Partners, L.P., and Tristan Offshore Fund, Ltd. acquired an aggregate of 500,000 shares of Nova Cannabis, Inc. ("Nova Cannabis"), representing approximately 0.8740% of the issued and outstanding voting securities of Nova Cannabis (being the common shares of Nova Cannabis (the "Nova Cannabis Shares")). The 500,000 Nova Cannabis Shares were acquired at a price of C$0.95 per share, for aggregate gross proceeds of C$475,000.
As a result of this acquisition, Cannell, through the Funds, exercised control or direction over an aggregate of 6,100,289 Nova Cannabis Shares, representing approximately 10.6638% of the issued and outstanding Nova Cannabis Shares at January 22, 2024. Prior to this acquisition, Cannell, through the Funds, exercised control or direction over an aggregate of 5,600,289 Nova Cannabis Shares, representing approximately 9.7897% of the issued and outstanding Nova Cannabis Shares at that time.
Prior to this acquisition, Cannell, through the Funds, last acquired Nova Cannabis Shares on January 18, 2024 and at such time neither Cannell nor the Funds held an aggregate number of Nova Cannabis Shares carrying more than 10% of the voting rights or constituting 10% or more of the Nova Cannabis Shares outstanding as of such date.
Tonga Partners, L.P., Tristan Partners, L.P., and Tristan Offshore Fund, Ltd. acquired the Nova Cannabis Shares through the facilities of the Toronto Stock Exchange, in the ordinary course of business, for investment purposes only through open market purchases. Cannell may, from time to time, on its own behalf or on behalf of the Funds, or other client accounts, acquire additional securities, dispose of some or all of the currently held or additional securities or may continue to hold the securities of Nova Cannabis.
The head office of Nova Cannabis is located at 101, 17220 Stony Plain Rd. NW, Edmonton, Alberta, T5S 1K6, Canada.
An early warning report relating to these transactions will be filed on the System for Electronic Document Analysis and Review ("SEDAR+") under Nova Cannabis's profile and can be viewed at www.sedarplus.com.
For further information or to obtain a copy of the early warning report, please contact:
Stephen C. Wagstaff
Chief Financial Officer
Cannell Capital, LLC
245 Meriwether Circle
Alta, WY 83414
Tel: 1-307-733-2284
Fax: 307-264-0600
Email: scw@cannellcap.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196072
SOURCE: Cannell Capital LLC
