CALGARY, Oct. 3, 2018 /CNW/ – High Tide Ventures Inc. (“High Tide” or the “Company”) announced that yesterday it closed the second tranche of a brokered private placement offering (the “Offering”), pursuant to which the Company issued in aggregate 13,307,418 special warrants at a price of $1.38 per special warrant for gross proceeds of $18,364,237. The Offering was upsized by over 83% from an original amount of $10,000,000 due to strong demand from over 135 participating investors. Canaccord Genuity Corp. was the sole lead manager and sole lead bookrunner and the syndicate also included Mackie Research Capital Corporation and Laurentian Bank Securities Inc. The selling group consisted of GMP Securities and Raymond James Ltd.
Each special warrant is exercisable into one unit of the Company, which is comprised of one common share and one-half of one common share purchase warrant of High Tide. Each whole warrant will be exercisable into a common share of High Tide at a price of $2.07 per warrant, for a period of 24 months from the date on which the common shares are listed and posted on the Canadian Securities Exchange (“CSE”). The exercise of the common share purchase warrants can be accelerated by the Company if its common shares trade at a daily volume-weighted average price greater than $3.45 per share on the CSE for a period of ten consecutive trading days.
In preparation for becoming a publicly-traded issuer, the Company has reserved “HITI” as its ticker symbol on the CSE and expects to submit its preliminary prospectus to the Alberta Securities Commission (“ASC”) in the near future. However, there can be no guarantee that the CSE will accept the listing of the common shares or that the ASC will issue a receipt for the preliminary prospectus.