Document:

Exhibit
10.1

 

MEMBERSHIP
INTEREST PURCHASE AGREEMENT

 

This
Membership Interest Purchase Agreement (this “Agreement”) is dated and made effective as of the 15th day of September
2021 (“Execution Date”), by and between CREEK ROAD MINERS, INC., a Delaware corporation, hereinafter referred
as, “Seller”), and JCE INVESTMENTS, LLC, a Tennessee limited liability company (hereinafter referred to as,
“Purchaser”).

 

WHEREAS,
Seller owns 100% of the membership interests of Jevo Holdings, LLC, a California limited liability company (the “Company”)
(hereinafter referred to as the, “Membership Interest”); and

 

WHEREAS,
Seller desires to sell 100% of the Membership Interest, and Purchaser desires to purchase, 100% of the Membership Interest from the
Seller on the terms and subject to the conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

 

ARTICLE
1 

PURCHASE
AND SALE

 

1.1
Sale of the Membership Interest. Purchaser agrees to buy from Seller and Seller agrees to sell to Purchaser the Membership Interest
at the Closing (as defined below) on the terms and subject to the conditions set forth in this Agreement.

 

1.2
Purchase Payment. In exchange for the Membership Interest and in full payment therefor, Purchaser shall pay One Million Five Hundred
Thousand Dollars ($1,500,000) at the Closing.

 

1.3
Closing. The closing of the transaction described in this Agreement (the “Closing”) shall take place simultaneously
with the execution of this Agreement.

 

1.4
Documents to be Delivered.

 

(a)
At the Closing, each Seller shall deliver the following documents to Purchaser:

 

(i)
an assignment of membership interest representing the Membership Interest purchased from such Seller;

 

    	1

    	 

    

 

(ii)
a Certificate of Good Standing for the Company, issued by the requisite authority in California no more than 30 days prior to the date
hereof;

 

(iii)
a copy of the Certificate of Formation of the Company;

 

(iv)
all books and records of the Company;

 

(v)
all passwords, passcodes, pin numbers and any similar information required to access any and all Company bank accounts;

 

(vi)
access to any and all financial records; and

 

(vii)
such other documents relating to the transactions contemplated by this Agreement as Purchaser or its counsel may reasonably request (the
foregoing are collectively referred to hereinafter as the “Seller Closing Documents”).

 

(b)
At the Closing, Purchaser shall deliver the following documents:

 

(i)
evidence of the wire payments of the Cash Purchase Price;

 

(ii)
an executed counterpart signature to the amended operating agreement for the Company; and

 

(iii)
such other documents relating to the transactions contemplated by this Agreement as Seller or its counsel may reasonably request (the
foregoing are collectively referred to hereinafter as the “Purchaser Closing Documents”).

 

1.5
Further Assurances. From and after the date hereof, the parties shall, without further cost or expense to the other, duly execute,
acknowledge and deliver such further documents and take such other actions and give such other assurances as the other may reasonably
request in order to effectuate the transactions contemplated hereby.

 

ARTICLE
2

REPRESENTATIONS
AND WARRANTIES OF SELLERS

 

For
purposes of this Agreement, “knowledge” means the conscious awareness of the party making the representation. Seller hereby
represent and warrants to Purchaser that, as of the date hereof:

 

2.1
Organization and Good Standing. The Company is a limited liability company duly organized, validly existing and in good standing
under the laws of California. The Company has the requisite corporate power and authority to own its assets, to carry on its business
as presently conducted.

 

    	2

    	 

    

 

2.2
Due Authorization. The transfer of the Membership Interest to the Purchaser has been duly authorized by all requisite action of the
Company and its members. The terms of this Agreement do not contravene the terms of the Company’s Certificate of Formation, Limited
Liability Company Agreement, or any material agreement or instrument to which the Company is a party or by which it is bound.

 

2.3
Interests Outstanding. Seller owns 100% of the Membership Interest and no third party has any ownership, claim, lien or economic
interest in the Company either as a shareholder, member or otherwise. The Company has not granted or issued, or agreed to grant or issue,
any option, warrant or other commitment to issue or to acquire any Membership Interest or any securities giving any person any right
to acquire from the Company or sell to the Company any Membership Interest. The Company has no subsidiaries and no direct or indirect
ownership interest (by way of stock ownership or otherwise) in any other firm, corporation, partnership, limited liability, association
or business enterprise.

 

2.4
Title to Membership Interest. The Membership Interest have been duly issued and are fully vested in Seller; and Seller has the right
to sell, assign and transfer the Membership Interest pursuant to this Agreement, and the Membership Interest transferred pursuant to
this Agreement constitute all of Seller’s right, title, and interest as a member of the Company. Seller has the power to enter
into and perform this Agreement and this Agreement constitutes a valid, binding and enforceable obligation of Seller. Seller has and
at the Closing will convey to Purchaser good and clear record and marketable title to the Membership Interest, free and clear of all
encumbrances, including without limitation, liens, claims, security interests, judgements voting trusts or shareholder agreements, proxies
and marital or community property interests. Seller has not heretofore transferred, assigned, encumbered, or granted a security interest
in the Membership Interest, nor assigned the proceeds due Seller therefrom.

 

2.5
Title to Company Property. The Company has good and valid title to all of its assets, tangible and intangible.

 

2.6
No Conflicts. To Seller’ knowledge, the execution and delivery of this Agreement will not violate any provision of law and
will not conflict with, or result in a breach of any of the terms of, or constitute a default under, result in the acceleration of, create
in any party the right to accelerate, terminate, modify, or cancel, or require any notice under, any agreement, contract, lease, license,
instrument, or other arrangement to which the Company is a party.

 

2.7
Legal Proceedings. The Company is not a party to, or (to the Company’s knowledge) threatened to be made a party to, any legal
action or proceeding before any judicial, administrative, or arbitral forum. The Company has not received any notice or other communication
(whether oral or written) from any governmental authority regarding any actual or potential violation of any applicable law, regulation
or order alleged to have been committed by the Company. The Company is not subject to any judgement, order or decree by any court, agency
or other governmental instrumentality which materially affects the conducts of the Company’s business.

 

    	3

    	 

    

 

2.8
Payment of Taxes. Seller has paid, or will pay in due course, in full, all taxes due for periods prior to the Closing and any interest
and penalties with respect thereto (including without limitation all federal, state and city profits, income, sales, use, occupation,
property, excise, social security, withholding, unemployment insurance, licenses and other taxes required to be paid by the Company in
connection with the business), have duly and timely filed or will file in due course, all tax returns and tax reports required to be
filed in connection with the business for periods prior to the Closing.

 

2.9
Material Adverse Events. To Seller’ actual knowledge, the Company has not, since the date of delivery of the financial records
of the Company to Purchaser, committed or experienced any act or event outside the normal course of the business and there have been
no material adverse events that would cause the information contained in the financial records to become materially untrue or misleading.

 

2.10
Company Records. The minute books and other similar records of the Company contain complete and accurate records of all actions taken
at any meetings of members thereof and of all written consents executed in lieu of the holding of any such meeting. The books and records
of the Company, as previously made available to Purchaser, accurately reflect the assets, liabilities, business, financial condition,
and results of operations of the Company and have been maintained in accordance with good business and bookkeeping practices.

 

2.11
Executory Contracts. All executory contracts of the Company, to the extent unperformed or undelivered prior to Closing, are in full
force and effect, without any existing default, arrearage or event of default by the Company, and are enforceable according to their
respective terms and no claim, suit or proceeding has been initiated or threatened with respect to or relating to any or all such contracts.

 

2.12
Customer Records. The Seller has not disclosed and will not hereafter disclose any substantial portion of the information set forth
in the Company’s customer records or files to any other person, entity or firm, except as may be required by law.

 

2.13
Undisclosed Liabilities. To Seller’ knowledge, the Company does not have any liability or obligation of whatever kind
or nature (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether
liquidated or unliquidated, and whether now due or to become due), including any liability for taxes, except for: (a) liabilities set
forth on Schedule 2.13 attached hereto; and (b) liabilities that have arisen in the ordinary course of business subsequent
to such date on which the Purchaser reviewed the financial information of the Company.

 

2.14
Accounts Receivable; Orders; Contracts. All proceeds received by, to be received by in the future, or accrued to but not yet received
by, the Company or the Seller, as the result of any customer orders or contracts of the Company, originated, placed and/or executed after
Execution Date, shall be deposited into a Company bank account and shall be the property of the Company and Seller shall not receive
the benefit therefrom. Seller warrant that any and all such orders or contracts, as of the date hereof, are listed on Schedule
2.14 attached hereto.

 

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ARTICLE
3

REPRESENTATIONS
AND WARRANTIES OF PURCHASER

 

Purchaser
hereby represents and warrants to Seller that, as of the date hereof:

 

3.1
Corporate Organization. The Purchaser is a corporation duly organized, validly existing and in good standing under the Laws of the
State of Delaware. The Purchaser has all requisite limited liability company power and authority to own, operate and lease the properties
and assets the Purchaser now owns, operates and leases and to carry on the Purchaser’s business as currently conducted. The Purchaser
is duly qualified to transact business as a corporation and is in good standing in the jurisdictions where such qualification is required
by reason of the nature of the properties and assets currently owned, operated or leased by the Purchaser or the business currently conducted
by it, except for such jurisdictions where the failure to be so qualified would not have a material adverse effect. The Purchaser has
previously made available to the Company complete and correct copies of its certificate of formation and all amendments thereto as of
the date hereof (certified by the Secretary of State of Delaware as of a recent date).

 

3.1
Authorization. The Purchaser has full limited liability company
power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution, delivery
and performance of this Agreement by the Purchaser have been duly and validly authorized and approved by all necessary limited liability
company action on the part of the Purchaser. This Agreement constitutes the legal and binding obligation of the Purchaser, enforceable
against it in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, reorganization,
insolvency, moratorium or other Laws affecting the enforcement of creditors’ rights generally and by general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or in Law).

 

3.2
Solvency; Sufficiency of Funds. Upon consummation
of the transactions contemplated in this Agreement, Purchaser will not (a) be insolvent, (b) have incurred debts beyond his ability to
pay such debts as they mature, or (c) have liabilities in excess of the reasonable market value of his assets. Purchaser has sufficient
cash on hand or other sources of immediately available funds to enable it to meet its obligations and to consummate the transactions
contemplated in this Agreement.

 

3.3
Independent Investigation. Purchaser has conducted his own independent investigation, review and analysis of the business, results
of operations, prospects, condition (financial or otherwise) or assets of the Company, and acknowledges that he has been provided adequate
access to the personnel, assets, books and records, and all other documents and data of the Company for such purpose.

 

    	5

    	 

    

 

3.4
Consents and Approvals; No Violations. The execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby will not: (i) violate or conflict with any provisions of the certificate of formation or operating agreement of the Purchaser;
(ii) breach, violate or constitute an event of default (or an event which with the lapse of time or the giving of notice or both would
constitute an event of default) under, give rise to any right of termination, cancellation, modification or acceleration under, or require
any consent or the giving of any notice under, any note, bond, indenture, mortgage, security agreement, lease, license, franchise, permit,
agreement or other instrument or obligation to which the Purchaser is a party, or by which it or its properties or assets may be bound,
or result in the creation of any Lien, claim or encumbrance of any kind whatsoever upon the properties or assets of the Purchaser pursuant
to the terms of any such instrument or obligation, other than any breach, violation, default, termination, cancellation, modification
or acceleration which would not have a material adverse effect; (iii) violate or conflict with any Law, statute, ordinance, code, rule,
regulation, judgment, order, writ, injunction or decree or other instrument of any federal, state, local or foreign court or governmental
or regulatory body, agency, association, organization or authority applicable to the Purchaser or by which any of their respective properties
or assets may be bound, except for such violations or conflicts which would not have a material adverse effect; or (iv) require, on the
part of the Purchaser, any filing or registration with, or permit, license, exemption, consent, authorization or approval of, or the
giving of any notice to, any governmental or regulatory body, agency or authority other than any filing, registration, permit, license,
exemption, consent, authorization, approval or notice which if not obtained or made would not have a material adverse effect.

 

3.5
Brokers; Payments. No broker, investment banker, financial advisor or other person is entitled to any broker’s, finder’s,
financial advisor’s or other similar fee or commission in connection with the transactions contemplated by this Agreement based
upon arrangements made by or on behalf of the Purchaser.

 

ARTICLE
4

CONDITIONS

 

4.1
Conditions to the Obligations of Purchaser. The obligations of Purchaser to consummate the transactions contemplated by this Agreement
are subject to the fulfillment, in all respects, as of the Closing, of the following conditions (any or all of which Purchaser, in its
sole discretion, may waive):

 

(a)
Representations and Warranties; Covenants. The representations and warranties of Seller made herein shall be true and correct
in all material respects at and as of the Closing, as though then made, except to the extent of changes caused by the transactions expressly
contemplated herein, and Seller shall have fully performed all of the obligations required to be performed by such Party hereunder prior
to the Closing.

 

(b)
Closing Documents. At the Closing, each of the Seller shall have delivered or caused to be delivered to Purchaser all of the Seller
Closing Documents.

 

4.2
Conditions to the Obligations of Seller. The obligations of Seller to consummate the transactions contemplated by this Agreement
are subject to the fulfillment in all material respects as of the Closing of the following conditions (any or all of which Seller may
waive):

 

    	6

    	 

    

 

(a)
Representations and Warranties; Covenants. The representations and warranties of Purchaser contained herein shall be true and
correct in all material respects at and as of the Closing, as though then made, except to the extent of changes caused by the transactions
expressly contemplated herein, and Purchaser shall have fully performed all of the covenants required to be performed by Purchaser hereunder
prior to the Closing.

 

(b)
Closing Documents. At the Closing, Purchaser shall have delivered to Seller the Purchaser Closing Documents.

 

ARTICLE
5

INDEMNIFICATION

 

5.1
Indemnification by Seller. Seller shall indemnify, defend, and hold harmless the Purchaser from and against any losses, liabilities,
obligations, claims, contingencies, damages, deficiencies, taxes, costs, or expenses, including, without limitation, interest, penalties,
court costs, attorney’s fees, costs of investigation and amounts paid in settlements that Purchaser may suffer or incur as a result
of, based upon, arising out of, or otherwise related to:

 

(a)
any material inaccuracy in, or any intentional, fraudulent or grossly negligent breach of, any representation or warranty made by Seller
in this Agreement or any certificate or document delivered by Seller pursuant to this Agreement, or any misrepresentation made hereunder;

 

(b)
any intentional, fraudulent or grossly negligent breach or non-performance by Seller of any obligation or covenant to be performed by
Seller that is contained in this Agreement or any agreement, certificate or other document delivered pursuant hereto; and

 

(c)
any events, occurrences, or omissions which pre-date the Closing, whether known or unknown.

 

5.2
Indemnification by Purchaser. Purchaser shall indemnify and hold harmless Seller, its representatives, and their respective successors
and assigns from and against all damages, whether or not involving a claim of a third party, suffered or incurred by Seller by reason
of, or arising or resulting from:

 

(a)
any material inaccuracy in, or any intentional, fraudulent or grossly negligent breach of, any representation or warranty made by Purchaser
in this Agreement or any certificate or document delivered by Purchaser pursuant to this Agreement, or any misrepresentation made hereunder;
and

 

(b)
any intentional, fraudulent or grossly negligent breach or non-performance by Purchaser of any obligation or covenant to be performed
by Seller that is contained in this Agreement or any agreement, certificate or other document delivered pursuant hereto.

 

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5.3
Maximum Amount. Except for claims based on fraud, (i) the aggregate liability of the damages hereunder shall not exceed $350,000
and (ii) the aggregate liability of the Seller for all damages under this Agreement shall not exceed the Purchase Price.

 

ARTICLE
6

MISCELLANEOUS

 

6.1
Survival of Representations and Warranties. All representations and warranties contained herein or made in writing by any party hereto
shall survive for a period of eighteen (18) months following the Closing.

 

6.2
Notices. Any notice required or desired to be given hereunder shall be in writing and shall be considered effective when delivered,
if by personal delivery, upon receipt, if sent by facsimile, which facsimile has been telephonically confirmed, between the hours of
9:00 a.m. and 5:00 p.m. local time of the recipient, on a business day, upon delivery, or if not, at 9:00 a.m., local time on the next
business day, or upon first attempted delivery after mailing by certified mail, return receipt requested, postage prepaid, addressed
as follows:

 

	 	If
    to the Seller: 	 	Creek
    Road Miners, Inc.
	 	 	 	2700
    Homestead Road
	 	 	 	Park
    City, UT 84098
	 	 	 	Attn:
    Scott D. Kaufman
	 	 	 	E-mail:
    skaufman@creekroadminers.com
	 	 	 	 
	 	with
    a copy to:	 	Creek
    Road Miners, Inc.
	 	 	 	2700
    Homestead Road
	 	 	 	Park
    City, UT 84098
	 	 	 	Attn:
    Legal
	 	 	 	E-mail:
    ssheikh@creekroadminers.com
	 	 	 	 
	 	If
    to Purchaser:	 	JCE
    Investments, LLC
	 	 	 	4216
    Two Rivers Ln. 
	 	 	 	Franklin,
    TN 37069
	 	 	 	Attn:
    Jeffrey Welk, Managing Member
	 	 	 	Email:
    Jeffrey@JFranklinWG.com.
	 	 	 	 
	 	With
    a copy to:	 	E.
    Evan Cope, PLLC
	 	 	 	119
    East Main Street
	 	 	 	Murfreesboro,
    TN 37130
	 	 	 	Attn:
    Evan Cope
	 	 	 	Email:
    ecope@evancope.com

 

6.3
Entire Agreement. This Agreement and the other documents referenced herein, supersede all prior discussions and agreements between
the parties with respect to the subject matter hereof, and contain the sole and entire agreement between the parties hereto with respect
to the subject matter hereof.

 

    	8

    	 

    

 

6.4
Expenses. Unless otherwise agreed in writing by the parties hereto, each party will pay its own costs and expenses incurred in connection
with the negotiation, execution and closing of this Agreement and the transactions contemplated hereby.

 

6.5
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Delaware applicable to a contract
executed and performed in such State, without giving effect to the conflicts of laws principles thereof.

 

6.6
MANDATORY FORUM SELECTION. THE SELLER AND PURCHASER IRREVOCABLY AGREE THAT ANY DISPUTE ARISING UNDER, RELATING TO, OR IN CONNECTION
WITH, DIRECTLY OR INDIRECTLY, THIS AGREEMENT OR RELATED TO ANY MATTER WHICH IS THE SUBJECT OF OR INCIDENTAL TO THIS AGREEMENT OR ANY
OTHER TRANSACTION DOCUMENT (WHETHER OR NOT SUCH CLAIM IS BASED UPON BREACH OF CONTRACT OR TORT) SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION
AND VENUE OF THE STATE AND/OR FEDERAL COURTS LOCATED IN NEW YORK. THIS PROVISION IS INTENDED TO BE A “MANDATORY” FORUM SELECTION
CLAUSE AND GOVERNED BY AND INTERPRETED CONSISTENT WITH DELAWARE LAW. EACH PARTY HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION AND VENUE
OF ANY STATE OR FEDERAL COURT HAVING ITS SITUS IN SAID COUNTY, AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS. EACH PARTY HEREBY
WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND CONSENT THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, DIRECTED TO THE SELLER OR PURCHASER AS SET FORTH HEREIN IN THE MANNER PROVIDED BY APPLICABLE STATUTE, LAW, RULE OF COURT OR
OTHERWISE.

 

6.7
Amendments and Waivers. Neither this Agreement nor any term hereof may be changed, waived, discharged, or terminated orally or in
writing, except that any term of this Agreement may be amended and the observance of any such term may be waived (either generally or
in a particular instance and either retroactively or prospectively) with (but only with) the written consent of all parties hereto.

 

7.8
Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all of
which together will constitute one and the same instrument. A copy, facsimile or electronic signature shall be binding and enforceable
as an original signature of a party.

 

[THE
REST OF THIS PAGE LEFT INTENTIONALLY BLANK]

 

(Signature
Page Follows)

 

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IN
WITNESS WHEREOF, this Membership Interest Purchase Agreement has been duly executed and delivered by each party hereto as of the
date first above written.

 

	SELLER	 
	 	 
	CREEK
    ROAD MINERS, INC.,	 
	a
    Delaware corporation	 
	 	 	 
	By:	/s/ Scott D. Kaufman	 
	 	Scott D. Kaufman, CEO	 
	 	 	 
	PURCHASER	 
	 	 
	JCE
    INVESTMENTS, LLC,	 
	a
    Tennessee limited liability company	 
	 	 	 
	By:
    	/s/ Jeffrey Welk	 
	 	Jeffrey Welk, Managing Member	 

 

(Signature
Page to Membership Interest Purchase Agreement)

 

    	10High Tide Inc.: Exhibit 4.4 - Filed by newsfilecorp.com

    

    FORM 51-102F3 

    MATERIAL CHANGE REPORT

    Item 1: Name and Address of Company

    High Tide Inc. (the "Company" or "High Tide")

    Unit 112, 11127 - 15 Street N.E.

    Calgary, Alberta

    T3K 2M4

    Item 2: Date of Material Change 

    November 30, 2020.

    Item 3: News Release 

    A news release was issued and disseminated on November 30, 2020 and filed on SEDAR at www.sedar.com, a copy of which is attached hereto as Schedule "A".

    Item 4: Summary of Material Change 

    The Company has received TSX Venture Exchange ("TSXV") approval and has settled debt in the aggregate of $1,220,331 (the "Debt Settlement") through the issuance of a total of 7,178,418 common shares in the capital of High Tide (the "HITI Shares"), consisting of:

    (i) 4,976,471 HITI Shares at a deemed price of $0.17 per HITI Share in connection with META Growth Corp.'s ("META") semi-annual interest payment of $846,000 due and payable on November 30, 2020 owing to the holders of the 8.0% convertible secured senior debentures issued pursuant to the to the terms of the convertible denture indenture dated November 23, 2018 between TSX Trust Company ("TSXT") and META, and the supplement debenture indenture dated November 16, 2020 between the Company, TSXT and META (the "Debentureholder Interest Obligation Shares");

    (ii) 1,176,470 HITI Shares in aggregate, at a deemed price of $0.17 per HITI Share, to certain holders of unsecured convertible debentures of the Company, in satisfaction of the annual amount of interest due to the holders (the "Interest Shares);

    (iii) 250,000 HITI Shares in aggregate, at a deemed price of $0.17 per HITI Share, to certain members of senior management of the Company, assessed as a bonus at the discretion of the board of directors (the "Board") and awarded based on their performance over the fiscal year ending October 31, 2019 (the "Management Shares"); and

    (iv) 775,477 HITI Shares in aggregate, at a deemed price of $0.17 per HITI Share, to the independent members of the Board as compensation for their services over the fiscal year ending October 31, 2019 and October 31, 2020 (the "Board Shares").

    The Debentureholder Interest Obligation Shares, Interest Shares, Management Shares and Board Shares are subject to a statutory hold period of four months plus one day from the date of issuance.

    

    Item 5.1: Full Description of Material Change

    The material change is fully described in the Company's press release which is attached as Schedule "A" and is incorporated herein.

    The following supplementary information is provided in accordance with Section 5.2 of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The participation of the directors and officers are exempt from the formal valuation and minority shareholder approval requirements provided under MI 61-101 in accordance with sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available because the fair market value of the Debt Settlement pertaining to the directors and officers does not exceed 25% of the Company's market capitalization, as determined in accordance with MI 61-101.

    (a) a description of the transaction and its material terms: 

    The Company settled an aggregate of $1,220,331 of indebtedness owed to certain creditors of the Company. $142,500 of the indebtedness was owed to certain directors and officers of the Company, including Andreas - Alexander Palalas, Rahim Kanji, Arthur Kwan and Nitin Kaushal, who are related parties pursuant to MI 61-101, and the debt was settled through the issuance of 838,235 HITI Shares.

    (b) the purpose and business reasons for the transaction: 

    The Company wished to settle $1,220,331 of indebtedness in order to improve its financial position and reduce its accrued liabilities. The Company decided to issue the Management Shares to certain members of senior management to settle their bonuses owed, awarded based on their past performance, and the Board Shares to the independent members of the Board to settle compensation owed for their past services to the Company.

    (c) the anticipated effect of the transaction on the Company's business and affairs: 

    The settlement of indebtedness will improve the Company's financial position and reduce its accrued liabilities, as well as allow the Company to attract and retain key personnel.

    (d) a description of: 

    (i) the interest in the transaction of every interested party and of the related parties and associated entities of the interested parties: 

    Andreas - Alexander Palalas, Chief Revenue Officer of the Company, acquired 176,471 HITI Shares; Rahim Kanji, Chief Financial Officer of the Company, acquired 73,529 HITI Shares; Arthur Kwan, a Director of the Company, acquired 294,118 HITI Shares and Nitin Kaushal, a Director of the Company, acquired 294,118 HITI Shares.

    

    ii) the anticipated effect of the transaction on the percentage of securities of the Company, or of an affiliated entity of the Company, beneficially owned or controlled by each person or company referred to in subparagraph (i) for which there would be a material change in that percentage: 

    Following completion of the Debt Settlement:

    Andreas - Alexander Palalas will own or control, directly or indirectly, an aggregate of 331,671 HITI Shares, representing approximately 0.07% of the issued and outstanding HITI Shares.

    Rahim Kanji will own or control, directly or indirectly, an aggregate of 273,329 HITI Shares, representing approximately 0.06% of the issued and outstanding HITI Shares.

    Arthur Kwan will own or control, directly or indirectly, an aggregate of 1,385,473 HITI Shares, representing approximately 0.31% of the issued and outstanding HITI Shares.

    Nitin Kaushal will own or control, directly or indirectly, an aggregate of 349,673 HITI Shares, representing approximately 0.08% if the issued and outstanding HITI Shares.

    (e) unless this information will be included in another disclosure document for the transaction, a discussion of the review and approval process adopted by the board of directors and the special committee, if any, of the Company for the transaction, including a discussion of any materially contrary view or abstention by a director and any material disagreement between the board and the special committee: 

    The Board passed a resolution on November 13, 2020 where the Board determined that it was in the best interests of the Company and its shareholders to settle the compensation owed to the Directors for their past services and bonuses awarded to certain members of the senior management of the Company by way of issuances of HITI Shares.

    (f) A summary in accordance with section 6.5 of MI 61-101, of the formal valuation, if any, obtained for the transaction, unless the formal valuation is included in its entirety in the material change report or will be included in its entirety in another disclosure document for the transaction: 

    Not applicable.

    (g) disclosure, in accordance with section 6.8 of MI 61-101, of every prior valuation in respect of the Company that relates to the subject matter of or is otherwise relevant to the transaction: 

    (i) that has been made in the 24 months before the date of the material change report: 

    Not applicable.

    

    (ii) the existence of which is known, after reasonable enquiry, to the Company or to any director or officer of the Company: 

    Not applicable.

    (h) the general nature and material terms of any agreement entered into by the Company, or a related party of the Company, with an interested party or a joint actor with an interested party, in connection with the transaction: 

    The Company entered into debt conversion agreements with Andreas - Alexander Palalas, Rahim Kanji, Arthur Kwan and Nitin Kaushal. The debt conversion agreements provided for the issuance of HITI Shares at a price of $0.17 per HITI Share to settle indebtedness of the Company.

    (i) disclosure of the formal valuation and minority approval exemptions, if any, on which the Company is relying under sections 5.5 and 5.7 of MI 61-101 respectively, and the facts supporting reliance on the exemptions: 

    The offering constitutes a "related party transaction" for the Company under MI 61-101. The participation of the directors and officers are exempt from the formal valuation and minority shareholder approval requirements provided under MI 61-101 in accordance with sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available because the fair market value of the Debt Settlement pertaining to the directors and officers does not exceed 25% of the Company's market capitalization, as determined in accordance with MI 61-101.

    As this material change report is being filed less than 21 days before the completion of the Debt Settlement, there is a requirement under MI 61-101 to explain why the shorter period was reasonable or necessary in the circumstances. The Company did not file a material change report related to this Debt Settlement more than 21 days before the expected closing of the Debt Settlement as required by MI 61-101 since the details of the Debt Settlement were not settled until shortly prior to the closing of the Debt Settlement and the Company wished to close on an expedited basis for sound business reasons.

    Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102 (Confidentiality)

    Not applicable.

    Item 7: Omitted Information 

    No information has been omitted on the basis that it is confidential information.

    Item 8: Executive Officer

    For additional information with respect to this material change, the following person may be contacted:

    

    High Tide Inc.

    Raj Grover

    Chief Executive Officer

    Tel: (403) 770-9435

    Email: raj@hightideinc.com

    Item 9: Date of Report

    December 10, 2020.

    

    SCHEDULE "A"

     

    High Tide Completes Previously Announced Shares for Debt Transactions

    CALGARY, AB, Nov. 30, 2020 /CNW/ - High Tide Inc. ("High Tide" or the "Company") (TSXV: HITI) (OTCQB: HITIF) (FRA: 2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is pleased to announce that further to its press release dated November 17, 2020 and META Growth Corp.'s ("META") press release dated November 6, 2020, the Company has received TSX Venture Exchange ("TSXV") approval and has settled debt in the aggregate of $1,220,331 (the "Debt Settlement") through the issuance of a total of 7,178,418 common shares in the capital of High Tide (the "HITI Shares"), consisting of:

    (i) 4,976,471 HITI Shares at a deemed price of $0.17 per HITI Share in connection with META's semi-annual interest payment of $846,000 due and payable on November 30, 2020 owing to the holders of the 8.0% convertible secured senior debentures issued pursuant to the to the terms of the convertible denture indenture dated November 23, 2018 between TSX Trust Company ("TSXT") and META, and the supplement debenture indenture dated November 16, 2020 between TSXT, META and the Company (the "Debentureholder Interest Obligation Shares");

    (ii) 1,176,470 HITI Shares in aggregate to certain holders of unsecured convertible debentures of the Company, in satisfaction of the annual amount of interest due to the holders, at a deemed price of $0.17 per HITI Share (the "Interest Shares);

    (iii) 250,000 HITI Shares in aggregate to certain members of senior management of the Company, assessed as a bonus at the discretion of the Board of Directors and awarded based on their performance over the fiscal year ending October 31, 2019, at a deemed price of $0.17 per HITI Share (the "Management Shares"); and

    (iv) 775,477 HITI Shares in aggregate to the independent members of the Board of Directors as compensation for their services over the fiscal year ending October 31, 2019 and October 31, 2020, at a deemed price of $0.17 per HITI Share (the "Board Shares").

    The Debentureholder Interest Obligation Shares, Interest Shares, Management Shares and Board Shares are subject to a statutory hold period of four months plus one day from the date of issuance.

    RELATED PARTY TRANSACTION

    As certain directors and officers of the Company received HITI Shares in connection with the Debt Settlement, it is considered related party transactions for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The participation of the directors and officers are exempt from the formal valuation and minority shareholder approval requirements provided under MI 61-101 in accordance with sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available because the fair market value of the Debt Settlement pertain to the directors and officers does not exceed 25% of the Company's market capitalization, as determined in accordance with MI 61-101. The Company did not file a material change report related to this Debt Settlement more than 21 days before the expected closing of the Debt Settlement as required by MI 61-101 since the details of the Debt Settlement were not settled until shortly prior to the closing of the Debt Settlement and the Company wished to close on an expedited basis for sound business reasons.

    

    ABOUT HIGH TIDE

    High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 66 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment features the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its numerous consumption accessory businesses including e-commerce platforms Grasscity.com and CBDcity.com, and its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide's strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Aphria Inc. (TSX:APHA) (NYSE:APHA) and Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB).

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe",  "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release are based on certain assumptions made by High Tide. While High Tide considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements also necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving the retail cannabis markets; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the retail cannabis industries generally; income tax and regulatory matters; the ability of High Tide to implement its business strategy; competition; currency and interest rate fluctuations; the COVID-19 pandemic nationally and globally and the response of governments to the COVID-19 pandemic in respect of the operation of retail stores and other risks.

    

    Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

    Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. High Tide disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Factors that could cause anticipated opportunities and actual results to differ materially include, but are not limited to, matters referred to above and elsewhere in High Tide's public filings and material change reports, which are and will be available on SEDAR.

    This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

    CONTACT INFORMATION

    High Tide Inc.
Vahan Ajamian

    Vice President, Capital Markets

    ir@hightideinc.com 

    Tel. 1 (403) 770-9435; extension 116

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