High Tide Inc., a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, is pleased to announce the closing of its previously announced “bought deal” offering of units of the Company, including the exercise in full of the underwriters’ over-allotment option. The Offering was led by Echelon Wealth Partners Inc., together with ATB Capital Markets Inc., Beacon Securities Limited, Roth Canada, Inc. and Eight Capital (the “Underwriters”).
In connection with the Offering, the Company issued an aggregate of 4,956,960 Units at a price of $2.32 per Unit, for aggregate gross proceeds of $11,500,147.20. Each Unit is comprised of one common share of the Company and one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share of the Company for a period of 60 months from closing of the Offering at an exercise price of $2.73 per Warrant.
The TSX Venture Exchange (“TSXV”) has conditionally approved the listing of the Common Shares and the Common Shares issuable upon the exercise of the Warrants. Listing will be subject to the Company fulfilling all the listing requirements of the TSXV.
The net proceeds of the Offering will be used for constructing and opening new retail cannabis store locations, the repayment of debt and for general corporate and working capital purposes. Garfinkle Biderman LLP acted as legal advisors to the Company in connection with the Offering. Stikeman Elliott LLP acted as legal advisors to the Underwriters in connection with the Offering.
About High Tide
High Tide is a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets. The Company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 128 current locations spanning Ontario, Alberta, British Columbia, Manitoba, and Saskatchewan. The Company is also North America’s first cannabis discount club retailer, under the Canna Cabana banner, which is the single-largest cannabis retail brand in Canada with additional locations under development across the country. For more information about High Tide Inc., please visit www.hightideinc.com,
