In a surprising move, High Tide International Inc. announced that it has set the price range for its upcoming financing at C$9.60 to C$9.90 per share. This suggests that the company—which is developing a growing facility in Portland, Oregon—plans to raise as much as C$15 million. Investors typically expect insiders to sell shares at much higher prices, so this is a departure. In fact, industry sources are speculating that a single big investor decided to act on its own, not as part of a syndicate.

High Tide, Inc. (CSE: HRTX) (OTC: HRTXXF) (FRA: 0K9) announced today the pricing of an offering of units of the Company at a price of C$9.60 per unit for aggregate gross proceeds of C$15 million. Each unit will consist of one common share of the Company and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of C$12.00 for a period of 24 months. The Company will be utilizing a portion of the offering proceeds to purchase a majority interest in a previously announced acquisition target, with the remainder of the proceeds to be used for working capital and general corporate

High Tide Prices C$15 Million Unit Offering at C$9.60

High Tide announces $15.0 million public offer to acquire

CALGARY, AB, 18. May 20, 2021 /CNW/ – High Tide Inc. (High Tide or the Company) (TSXV: HITI) (OTCQB: HITIF) (FRA: 2LY), a retail-focused cannabis company expanding through the manufacture and distribution of consumer accessories, today is pleased to announce an agreement with ATB Capital Markets Inc. (ATB) and Echelon Wealth Partners Inc. (Echelon) on behalf of a syndicate of underwriters (collectively, the Underwriters). The Underwriters have agreed to a prospectus supplement following the filing of a prospectus supplement (Prospectus Supplement) to the Company’s short form base shelf prospectus dated April 22, 2021 (Base Shelf Prospectus) for the acquisition of a total of 1,562,500 Units (Units) at a price of $9.60 per Unit (Offer Price) for aggregate gross proceeds of $15,000,000 million (Offer). Each unit consists of one common share (each, one common share) and one-half of one warrant to purchase common shares of the Company (each, one whole warrant, one warrant). Each warrant may be exercised to purchase one common share of the Company at an exercise price of $12.25 per warrant for a period of 36 months from the closing of the Offering, subject to accelerated expiration if the volume weighted average price of the common shares on the TSX Venture Exchange (TSXV) equals or exceeds $19.20 per common share for a period of ten trading days. The Company has granted the Underwriters an option (the Over-allotment Option) to purchase up to 234,374 additional Units at the Offering Price per Unit, exercisable at any time within 30 days of the Closing Date (as defined herein), for additional proceeds of up to $2,249,990.40. The Over-allotment Option may be exercised at the discretion of the Underwriters to purchase Units, Ordinary Shares and/or Warrants (or any combination thereof). The Units will be offered by way of a prospectus supplement to the Offshore Base Prospectus to be filed in all provinces and territories of Canada, except Quebec, in accordance with National Instrument 44-101 – Summary Prospectus Distributions and National Instrument 44-102 – Offshore Prospectus Distributions. The shares may also be offered in the United States on a private placement basis pursuant to applicable exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the 1933 Act). The Offer is expected to close on 25 May 2021 (the Closing Date) and is subject to certain conditions, including, but not limited to, obtaining all necessary regulatory and exchange approvals, including approvals from the TSXV and applicable securities regulatory authorities. The Corporation will use its best efforts to obtain the necessary approvals for the listing of the Ordinary Shares and the Ordinary Shares issued upon exercise of the Warrants on the TSXV. The net proceeds from the offering will be used to open new cannabis stores, make strategic acquisitions, pay down debt, general corporate purposes and working capital. This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of registration or an applicable exemption from the registration requirements of the U.S. Securities Act and the applicable securities laws of the states. The prospectus supplement and base prospectus contain important detailed information about the company and the proposed offering. Potential investors should read the prospectus supplement, base prospectus and other documents filed by the company before making an investment decision. Copies of the prospectus supplement, when filed, and the base prospectus will be available on SEDAR at About High Tide Inc. High Tide is a cannabis company that manufactures and distributes consumer accessories. The company is Canada’s most profitable cannabis retail chain, as measured by adjusted EBIDTA1 , with 85 active locations in Ontario, Alberta, Manitoba and Saskatchewan. High Tide’s retail segment includes Canna Cabana, KushBar, Meta Cannabis Co. and NewLeaf Cannabis, with additional locations under development across the country. High Tide has been serving consumers for more than a decade through its many consumer products businesses, including e-commerce platforms,, and, and through its wholesale division Valiant Distribution, which includes licensed entertainment manufacturer Famous Brandz. High Tide’s strategy as a parent company is to expand and strengthen its integrated value chain while ensuring full customer satisfaction and maximizing shareholder value. High Tide’s major industry investors are Tilray Inc. (TSX:TLRY) (NASDAQ:TLRY) and Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB). Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. High Tide Prices C$15 Million Unit Offering at C$9.60 High Tide Prices C$15 Million Unit Offering at C$9.60 New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. Do you have sensitive information? Please contact us.


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