03:31:20 EDT Sun 01 Aug 2021
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
High Tide Inc (2)
Symbol HITI
Shares Issued 44,381,607
Close 2021-05-18 C$ 10.46
Recent Sedar Documents

High Tide increases bought deal to $20.16-million

2021-05-19 13:53 ET - News Release

Mr. Omar Khan reports

HIGH TIDE ANNOUNCES UPSIZED BOUGHT DEAL PUBLIC OFFERING TO $20.2 MILLION

High Tide Inc. has entered into an amended 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 public offering.

The underwriters have agreed to purchase, on a bought deal basis, pursuant to the filing of a prospectus supplement to the company's short form base shelf prospectus dated April 22, 2021, an aggregate of 2.1 million units at a price of $9.60 per unit for aggregate gross proceeds to the company of $20.16-million.

Each unit shall consist of one common share and one-half of one common share purchase warrant of the company. Each warrant shall be exercisable to acquire one common share of the company for a period of 36 months from the closing of the offering at an exercise price of $12.25, subject to an accelerated expiry if the 10-trading-day volume-weighted average price of the common shares on the TSX Venture Exchange is equal to or greater than $19.20 per common share.

The company has granted to the underwriters an option to purchase up to an additional 315,000 units at the offering price, exercisable at any time for a period of 30 days after, and including, the closing date (as defined herein), which would result in additional gross proceeds of up to $3,024,000. The overallotment option is exercisable to acquire units, common shares and/or warrants (or any combination thereof), at the discretion of the underwriters.

The units will be offered by way of a prospectus supplement to the base shelf prospectus to be filed in all provinces and territories of Canada, except Quebec, pursuant to National Instrument 44-101 -- Short Form Prospectus Distributions, and National Instrument 44-102 -- Shelf Distributions. The units may also be offered in the United States on a private placement basis, pursuant to applicable exemptions from the registration requirements of the United States Securities Act of 1933, as amended.

The offering is expected to close on May 25, 2021, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX-V and the applicable securities regulatory authorities.

The company will use best efforts to obtain the necessary approvals to list the common shares, as well as the common shares issuable upon the exercise of the warrants, on the TSX-V.

The net proceeds of the offering will be used for: opening new retail cannabis store locations; completing strategic acquisitions; the repayment of debt; and general corporate and working capital purposes.

The prospectus supplement and the base shelf prospectus contain important detailed information about the company and the proposed offering. Prospective investors should read the prospectus supplement, the base shelf prospectus and the other documents the company has filed before making an investment decision. Copies of the prospectus supplement, following the filing thereof, and the base shelf prospectus will be available on SEDAR.

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 most-profitable Canadian retailer of recreational cannabis, as measured by adjusted EBIDTA (earnings before interest, taxes, depreciation and amortization), with 85 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, Smokecartel, FABCBD 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.