High Tide Acquires 51% Stake in Remexian for $30.8 Million

MT Newswires Live09-02

High Tide (HITI) said Tuesday it has acquired a 51% interest in Remexian for about 26.4 million euros ($30.8 million), with the final price to be confirmed within 30 days upon completion of the closing balance sheet.

The company said the deal implies a total enterprise valuation of 53.4 million euros.

The purchase was made through a combination of 7.65 million euros in cash, 7.65 million euros in seller loan maturing in 2029 with 7% annual interest, and 11.1 million euros in High Tide shares.

The transaction has received conditional approval from the TSX Venture Exchange, with final approval pending, it added.

High Tide also secured a five-year call option to acquire the remaining 49% of Remexian starting 24 months after closing, the company said.

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