Mr. Raj Grover reports
HIGH TIDE EXTENDS MATURITY OF A LOAN IN CONSIDERATION FOR WARRANTS
High Tide Inc. has extended the term of a $2-million loan which the company borrowed from an arm's-length third party bearing an interest rate of 12 per cent pursuant to a loan agreement dated Sept. 4, 2019.
Under the terms of the loan amending agreement, the maturity of the loan was extended until Sept. 30, 2021. The parties also entered into a warrant exchange agreement wherein the 1.6 million warrants the lender originally received as consideration for the loan under the loan agreement, having an exercise price of 85 cents per common share of High Tide and exercisable for a period of two years from the effective date of the loan, were terminated and 1.6 million new warrants having an exercise price of 30 cents per common share and expiring on Sept. 30, 2021, were issued.
The loan amending agreement provides High Tide with greater financial flexibility and allows the company to defer debt obligations which were otherwise due immediately.
About High Tide Inc.
High Tide is a retail-focused cannabis corporation enhanced by the manufacturing and distribution of cannabis lifestyle accessories. Its premier Canadian retail brand Canna Cabana spans 34 locations in Ontario, Alberta and Saskatchewan, with additional locations under development across Canada. High Tide has been serving cannabis consumers for over a decade through its numerous lifestyle accessory enterprises including e-commerce platforms Grasscity and CBDcity, lifestyle and licensed entertainment brand manufacturer Famous Brandz, and its wholesale distribution divisions RGR Canada Inc. and Valiant Distribution.
High Tide's strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Aphria Inc. and Aurora Cannabis Inc.
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