03:35:54 EDT Sun 01 Aug 2021
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or Name

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High Tide Inc
Symbol HITI
Shares Issued 461,999,689
Close 2021-02-02 C$ 0.52
Recent Sedar Documents

High Tide increases bought deal to $20-million

2021-02-02 11:20 ET - News Release

Mr. Vahan Ajamian reports


High Tide Inc. has entered into an amended letter agreement with ATB Capital Markets Inc. and Echelon Wealth Partners Inc., on behalf of a syndicate of underwriters, to increase the size of the previously announced bought deal short form prospectus offering of units of the company to 41,666,666 units at a price of 48 cents per unit for aggregate gross proceeds of approximately $20-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 to 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 $3-million in additional proceeds will be raised pursuant to the offering, and the aggregate proceeds of the offering will be approximately $23-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 such other purposes as to be described in the prospectus (as defined herein).

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 approvals from 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 67 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.

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