TORONTO, Jan. 08, 2020 (GLOBE NEWSWIRE) -- Windsor Private Capital Limited Partnership, by its general partner, Windsor Private Capital Inc. (“Windsor”), announces that in connection with providing a convertible loan facility (the “Loan Facility”) to High Tide Inc. (“High Tide”) it has acquired warrants (each a “Warrant” and collectively “Warrants”) to purchase up to 58,823,529 common shares in the capital of High Tide (each a “Common Share” and collectively “Common Shares”) at a conversion price equal to 150% of $0.17 per Common Share, subject to certain downward adjustments set forth in the Warrants, for a period of two (2) years from the issue date of the Warrants. The Warrants are subject to vesting provisions such that Warrants to purchase up to 35,294,117 Common Shares of High Tide will vest and become exercisable on or before February 6, 2020. Based on the current outstanding Common Shares of High Tide, if Windsor exercised all of the Warrants to purchase 35,294,117 Common Shares of High Tide, Windsor would hold 16.5% of High Tide’s outstanding Common Shares. Vesting of the remaining Warrants to purchase up to 23,529,412 Common Shares of High Tide is conditional upon Windsor advancing additional funds to High Tide under the Loan Facility.

Windsor completed the Loan Facility and acquired the Warrants for investment purposes only and in accordance with applicable securities legislation. Prior to completing the Loan Facility and acquiring the Warrants, Windsor held no securities of High Tide. Windsor does not intend to acquire any Common Shares of High Tide except pursuant to the Warrants and the Loan Facility. 

A copy of the early warning report to be filed by Windsor in connection with the Acquisition described above will be available on SEDAR under High Tide’s profile at www.sedar.com. To obtain a copy of the report, please contact Jordan Kupinsky at: (416) 972-1741. This news release is issued under the early warning provisions of the Canadian securities legislation.

Windsor’s head office is located at 28 Hazelton Avenue, Suite 200 Toronto, Ontario, M5R 2E2. For more information, visit www.windsorgp.com.

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