TSX Venture Exchange Stock Maintenance Bulletins: Jimmy’s Cannabis
Published on January 24, 2023 by oz. staff
From TSX Venture Exchange Stock Maintenance Bulletins, on Jan. 23, 2023.
Re: High Tide acquisition of Jimmy’s Cannabis locations for more than $5 million.
HIGH TIDE INC. (“HITI”)
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: January 23, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to the acquisition of all the issued and outstanding shares of 1171882 B.C. Ltd., operating as Jimmy’s Cannabis Shop BC (“Jimmy’s”), from certain arm’s length vendors (the “Vendors”). This transaction will result in the acquisition of two retail cannabis stores operated by Jimmy’s located in British Columbia. Pursuant to the terms of the share purchase agreement (“SPA”) dated September 28, 2022, the Company will provide the Vendors with $5,285,854 as total consideration for this transaction satisfied by issuing an aggregate of 2,595,533 common shares of the Company, subject to certain hold periods, at a deemed price of C$2.0365 per common share.
In connection with the SPA, the Company has also been provided with a debt assignment in the amount of $300,000 from previous existing shareholder loans to be paid by Jimmy’s. The Company will also provide an arm’s length finders’ fee consisting of 136,266 common shares at a deemed price of C$2.0365 for their services in this transaction.
For further details, please refer to the Company’s news releases dated September 29, 2022, December 29, 2022 and January 9, 2023.