![Canadian Manufacturing](https://www.canadianmanufacturing.com/wp-content/uploads/2024/09/CMO-Logo-2024sm.png)
High Tide announces At-The-Market program
by CM staff
The company will determine, at its sole discretion, the date, minimum price and maximum number of common shares to be sold under the ATM Program.
CALGARY — High Tide Inc., announced that in order to replace its previous at-the-market equity offering program that ended on May 22, it has established an at-the-market equity offering program (ATM Program) that allows the company to issue up to CAD$30 million (or the equivalent in U.S. dollars) of common shares from treasury to the public from time to time, at the company’s discretion and subject to regulatory requirements.
Any common shares sold through the ATM Program will be sold at prevailing market prices when issued (i) in ordinary brokers’ transactions on the Nasdaq Capital Market or another U.S. marketplace on which the common shares are listed, quoted or otherwise traded or (ii) in ordinary brokers’ transactions on the TSX Venture Exchange (TSXV), or another Canadian marketplace on which the common shares are listed, quoted or otherwise traded.
Since the common shares will be distributed at the prevailing market prices at the time of their sale or as otherwise permitted by law, prices may vary among purchasers and during the period of distribution.
The company will determine, at its sole discretion, the date, minimum price and maximum number of common shares to be sold under the ATM Program. The common shares will be distributed at the prevailing market prices at the time of each sale, at prices relating to such prevailing market prices, and/or in any other manner permitted by applicable law. As such, the prices may vary between purchasers over time. The Company is not required to sell any Common Shares at any time during the term of the ATM Program.
The company intends to use the net proceeds of the offering, if any, and at the discretion of the company, to fund two specific strategic initiatives it is currently developing, to support the growth and development of the company’s existing operations, to fund future acquisitions, as well as for working capital and general corporate purposes. The company will pay the Agents (as defined below) a cash fee of up to 2 per cent of the gross proceeds for common shares sold under the ATM agreement and will reimburse certain expenses incurred by the agents.
“I am pleased to announce the replacement of our previous at-the-market equity offering program. Even though the broader cannabis capital markets have been challenging, we have remained very disciplined in raising equity capital. For instance, I note that we only raised approximately $10 million from our $40 million previous at-the-market program over the 25-month period before it expired. The ATM Program in place can act as a low-cost source of capital, should the need arise,” said Raj Grover, President and Chief Executive Officer of High Tide.
- Competition Bureau issues report summarizing its competition assessment of RBC’s proposed acquisition of HSBC Canada
- Enerplus to present at Barclays CEO Energy-Power Conference