Aphria anchors C$10m raise for High Tide Inc

High Tide Inc., an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, has launched a non-brokered private placement for the sale of up to 10,000 convertible debentures, at a price of $1,000 per Debenture, for gross proceeds of up to $10 million Canadian dollars.

The offering is anchored by an order from Aphria Inc. in the amount of $4.5 million Canadian dollars.

The net proceeds of the offering will be used by the company to fund the construction of Canna Cabana, KushBar and Smoker’s Corner stores, complete strategic acquisitions as well as for general working capital purposes.

The debentures will bear interest at a rate of 10% per annum, payable annually upfront in common shares of High Tide based on the 10-day volume weighted average price prior to the closing date of the offering.

The debentures are convertible to common shares of High Tide at a price of $0.75 per common share at the option of the holder and will mature two years from the closing date of the offering.

The closing of the offering is expected to occur on such date or dates as agreed to between the company and the investors, with initial closing of the first tranche on or about April 12, 2019.

High Tide’s 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.Cannabis Business Worldwide

Related Posts