HITIF - High Tide to raise $15M in stock offering

High Tide (HITIF) traded 1.3% down in after hours trade after entering into a letter of engagement with ATB Capital Markets and Echelon Wealth Partners post which underwriters agreed to purchase 31.25M units on a bought deal basis, at $0.48 for gross proceeds of ~$15M.Each Unit will be comprised of one share and one share purchase warrant; warrant shall entitle the holder thereof to purchase one share at an exercise price of $0.58, for a period of 36 months post offer close.Underwriters granted 30-day option to purchase up to an additional 15% of the units; if option exercised, additional proceeds of $2.25M will be raised.Proceeds to be used for opening new retail cannabis store locations, completing strategic acquisitions and general corporate purposes.Offer close date is scheduled to be on or about Feb. 23, 2021.

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High Tide to raise $15M in stock offering