10:36:58 EDT Wed 04 Aug 2021
Enter Symbol
or Name

Login ID:
High Tide Inc
Symbol HITI
Shares Issued 449,371,660
Close 2021-02-01 C$ 0.55
Recent Sedar Documents

High Tide arranges $15M bought deal financing

2021-02-01 16:52 ET - News Release

Mr. Vahan Ajamian reports


High Tide Inc. has entered into a letter of engagement with ATB Capital Markets Inc. and Echelon Wealth Partners Inc. on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase from the company 31.25 million units of the company, on a bought deal basis, at a price per unit of 48 cents for gross proceeds of approximately $15-million.

Each unit will comprise one common share of the company and one-half of one common share purchase warrant. Each warrant shall entitle the holder thereof to purchase one common share at an exercise price of 58 cents for a period of 36 months following the closing of the offering.

The company has agreed to grant the underwriters an overallotment option to purchase up to an additional 15 per cent of the units at the issue price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the offering. If this option is exercised in full, approximately $2.25-million in additional proceeds will be raised pursuant to the offering and the aggregate proceeds of the offering will be approximately $17.25-million.

The company intends to use the net proceeds of the offering for opening new retail cannabis store locations, completing strategic acquisitions, general corporate and working capital purposes, and for such other purposes as to be described in the prospectus.

The closing date of the offering is scheduled to be on or about Feb. 23, 2021, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the applicable securities regulatory authorities and the TSX Venture Exchange.

The units will be offered by way of a short-form prospectus to be filed in those provinces and territories of Canada as the underwriters may designate (except Quebec) pursuant to National Instrument 44-101 (Short Form Prospectus Distributions) and may be offered in the United States on a private placement basis pursuant to an appropriate exemption from the registration requirements under applicable U.S. law.

About High Tide Inc.

High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 69 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment features the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its numerous consumption accessory businesses, including e-commerce platforms Grasscity and CBDcity and its wholesale distribution division under Valiant Distribution, including licensed entertainment product manufacturer Famous Brandz. 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.

We seek Safe Harbor.

© 2021 Canjex Publishing Ltd. All rights reserved.