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High Tide Secures CAD$5 Million Subordinated Debt Financing to Power Continued Growth
High Tide Secures CAD$5 Million Subordinated Debt Financing to Power Continued Growth ...
About this update from High Tide, Inc.
[{"type":"text","content":"\n \n \n \n High Tide Secures CAD$5 Million Subordinated Debt Financing to Power Continued Growth\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n June 22, 2022\n \n \n /CNW/ -\n \n High Tide Inc. (\"\n \n \n \n High Tide\n \n \n \n \" or the \"\n \n Company\n \n \") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, is pleased to announce that it has closed a short-term debt financing from an arm's length credit provider (the \"\n \n Lender\n \n \") for\n \n CAD$5 million\n \n (the \"\n \n Loan\n \n \"). The Company has chosen to proceed with a small debt facility at this time as the Company's proposed non-dilutive credit facilities with ConnectFirst Credit Union for\n \n CAD$30 million\n \n (as previously announced on\n \n April 18, 2022\n \n ) has been delayed until\n \n July 2022\n \n . The Company issued the Lender a non-convertible subordinated secured debenture of the Company (the \"\n \n Debenture\n \n \").\n \n \n 1\n \n \n The Debenture matures on\n \n June 21, 2023\n \n and bears interest at a fixed rate of 10% per annum, payable quarterly. The Company shall have a right to prepay part of or the entire principal amount of the Debentures at par plus accrued and unpaid interest at any time by providing a minimum of 5 days and a maximum 60 days notice to the Lender.\n \n \n \n \n \n \n \n \n \n \n \"Our first of its kind discount club model is clearly working, as evidenced by rapid same store sales growth, and has now defined us as the clear leader in the Canadian cannabis retail landscape as it continues to gain popularit...