15:04:48 EDT Fri 17 Sep 2021
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or Name

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High Tide Inc
Symbol HITI
Shares Issued 512,398,824
Close 2021-02-23 C$ 0.78
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High Tide prospectus offering

2021-02-23 19:58 ET - Prospectus Approved

Effective Feb. 17, 2021, the company's bought deal offering by way of (final) short form prospectus dated Feb. 16, 2021, was filed with and accepted by the TSX Venture Exchange, and filed with and receipted by the Alberta Securities Commission. The prospectus qualifies the public distribution of units of the company, the material terms of which are described below, and further has been filed under Multilateral Instrument 11-102, Passport System, in British Columbia, Saskatchewan, Manitoba, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland and Labrador, the Yukon, the Northwest Territories, and Nunavut. A receipt for the prospectus is deemed to be issued by the regulator in each of those jurisdictions, if the conditions of the instrument have been satisfied.

The TSX Venture Exchange has been advised that closing occurred on Feb. 22, 2021, for gross proceeds of $22,999,999.20.

Underwriters:  ATB Capital Markets Inc., Echelon Wealth Partners Inc., Beacon Securities Ltd. and Desjardins Securities Inc.

Offering:  41,666,666 units of the company (Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant is exercisable to purchase one common share in the capital of the company.)

Unit price:  48 cents per unit

Warrant exercise price/term:  58 cents per common share exercisable until 4 p.m. Toronto Time on the date that is 36 months following the closing date

Underwriters' commissions:  $1,254,587.96 in cash commissions and 2,613,724 non-transferable broker warrants, each exercisable to purchase one unit at 48 cents each, under similar terms as that of the prospectus, for 36 months following the closing date

Overallotment option:  The underwriters additionally exercised an overallotment option previously provided by the company in connection with this prospectus to purchase up to 6,249,999 additional units, representing up to 15 per cent of the prospectus, for $3-million in gross proceeds to cover their overallocation position and for market stabilization purposes. The overallotment option could have been exercised to acquire: (i) additional units at 48 cents per unit; (ii) additional warrants at eight cents per warrant; (iii) additional common shares at 44 cents per common share; or (iv) any combination of additional units, additional warrants and additional common shares, as mentioned above, provided that the aggregate did not exceed 6,249,999 additional units, 6,249,999 common shares and the aggregate of 3,124,999 additional warrants. The overallotment option is exercisable, in whole or in part, for a period of 30 days from and including the closing date.

For further information, please refer to the company's prospectus dated Feb. 16, 2021.

Listing of warrants

Effective at the opening on Thursday, Feb. 25, 2021, the warrants will commence trading on the TSX Venture Exchange. The company is classified as an industrial company.

Corporate jurisdiction:  Canada

Capitalization:  23,958,332 warrants issued and outstanding

Transfer agent:  Capital Transfer Agency ULC

Trading symbol:  HITI.WR

Cusip No.:  42981E 13 8

These warrants were issued under a warrant indenture dated Feb. 22, 2021, pursuant to the company's (final) short from prospectus dated Feb. 16, 2021. Each warrant entitles the holder to purchase one common share of the company at an exercise price of 58 cents per share until 36 months from the closing date.

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