High tide restructures $8.9 million of outstanding secured debt

This news release constitutes a "designated news release" for the purposes of the company's prospectus supplement dated august 31, 2023, to its short-form base shelf prospectus dated august 3, 2023 calgary, ab , nov. 1, 2023 /prnewswire/ - high tide inc. ("high tide" or the "company") (nasdaq: hiti) (tsxv: hiti) (fse: 2lya), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, is pleased to announce that it has successfully completed a restructuring (the "debt restructuring") of approximately $8.9 million of the company's outstanding debt held by a key industry lender ("key lender" and together with high tide, the "parties") under a senior secured convertible debenture issued on july 23, 2020, as amended, maturing on january 1, 2025 (the "debenture") pursuant to a debt restructuring agreement dated july 23, 2020, as amended, entered into between the parties (the "debt restructuring agreement"). pursuant to the terms of the debt restructuring agreement, the parties have agreed to settle the outstanding structured installment payments, which equals the aggregate sum of $5,024,546 (the "outstanding structured payment"), in common shares in the capital of high tide ("high tide shares") at a deemed price of $2.0168 per high tide share, to the key lender (each an "installment share"), subject to prior approval and compliance with the policies of the tsx venture exchange ("tsxv"), calculated on basis of a deemed price per high tide share equal to the ten (10) day volume-weighted average trading price (in canadian dollars) of the high tide shares on the tsxv ("vwap") ending on october 31, 2023.
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