High Tide To Raise $15.0 Million Via Bought Deal Financing
High Tide Inc. (TSXV: HITI) last night announced that it has entered into an agreement with ATB Capital Markets Inc. and Echelon Wealth Partners Inc to conduct a bought deal financing. The offering consists of a total of 1,562,500 units at a price of $9.60 per unit for total gross proceeds of $15,000,000 million.
Each unit will consist of one common share and one-half of one common share purchase warrant of High Tide Inc. Each warrant is valid for 36 months following the closing of the offering at an exercise price of $12.25 per warrant.
Net proceeds of the Offering are to be used for completing strategic acquisitions, opening new retail cannabis store locations, the repayment of debt, and for general corporate and working capital purposes.
The Offering is expected to close on May 25, 2021.
High Tide last traded at $10.46 on the TSX Venture.
Information for this briefing was found via Sedar and High Tide Inc. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.