- High Tide 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
- Deal including exercise in full of over-allotment option
- offering was led by Echelon Wealth Partners Inc., together with ATB Capital Markets Inc., Beacon Securities Limited, Roth Canada, Inc. and Eight Capital
- Listing will be subject to the company fulfilling all the listing requirements of the TSXV
- High Tide Inc. is a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets
- High Tide Inc’s (HITI) share price remained unchanged at C$2.06 per share as of 10:33 am EDT
High Tide (HITI) has closed a “bought deal” offering of units of the company, including the full exercise of the underwriters’ over-allotment option.
Echelon Wealth Partners Inc. led the offering, together with ATB Capital Markets Inc., Beacon Securities Limited, Roth Canada, Inc. and Eight Capital.
In connection with the offering, the company issued an aggregate of 4,956,960 units for $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 warrant entitles the holder to acquire one common share of the company for 60 months from the 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.
High Tide Inc. is an Alberta-based, downstream cannabis corporation focused on the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products.
It is a vertically-integrated company in the Canadian cannabis market with portfolio subsidiaries including RGR Canada Inc., Famous Brandz Inc., Kush West Distribution Inc., Smoker’s Corner Ltd., Grasscity.com, Canna Cabana Inc. and the majority of KushBar Inc.
High Tide Inc’s (HITI) share price remained unchanged at C$2.06 per share as of 10:33 am EDT.