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Bullboard - Stock Discussion Forum High Tide Inc V.HITI

Alternate Symbol(s):  HITI

High Tide Inc. is a retail-focused cannabis company. Its segments include Bricks-and-mortar and E-commerce. Bricks-and-mortar operations includes the Canadian bricks-and-mortar locations, inclusive of the Canadian warehouse which supports the distribution of accessories and other items to the Canadian stores. Its E-commerce operations include the Company’s United States and international... see more

TSXV:HITI - Post Discussion

High Tide Inc > High Tide Announces $15 Million Bought Deal Equity Financing
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Post by zebra999 on Feb 01, 2021 5:33pm

High Tide Announces $15 Million Bought Deal Equity Financing

Updated 
 
 

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./

CALGARY, ABFeb. 1, 2021 /CNW/ - High Tide Inc. ("High Tide" or the "Company") (TSXV: HITI) (OTCQB: HITIF) (FRA:2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is pleased to announce that it has entered into a letter of engagement with ATB Capital Markets Inc. ("ATB") and Echelon Wealth Partners Inc. ("Echelon") on behalf of a syndicate of underwriters (together, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase from the Company 31,250,000 units of the Company (the "Units"), on a "bought deal" basis, at a price per Unit of $0.48 (the "Issue Price") for gross proceeds of approximately $15,000,000 (the "Offering").

Each Unit will be comprised of one common share of the Company (a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one Common Share at an exercise price of $0.58, for a period of 36 months following the closing of the Offering.

 

The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 15% 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 $2,250,000 in additional proceeds will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be approximately $17,250,000.

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 for such other purposes as to be described in the Prospectus (as defined below).

 
Comment by argon12 on Feb 02, 2021 8:15am
Hail Mary pass.