Vancouver, British Columbia, May 13, 2021 – Harrys Manufacturing Inc. (“HARRYS™” or the “Company”) (CSE:HARY, OTCQB:WSRRF) is pleased to announce that, further to its news release dated March 12, 2021, the Company has closed the first tranche of its non-brokered private placement comprised of 3,528,332 units of the Company (each, a “Unit”) at $0.12 per Unit for gross proceeds of $423,399.84 (the “Offering”).
Each Unit consisted of one (1) common share in the capital of the Company (a “Share”) and one (1) transferable common share purchase warrant of the Company (a “Warrant”). Each Warrant is exercisable into one (1) additional Share (a “Warrant Share”) at an exercise price of $0.20 per Warrant Share on or before May 13, 2023.
In connection with the Offering, the Company paid aggregate cash finder’s fees totalling $5,280 and issued 44,000 finder’s warrants (the “Finder’s Warrants”) to certain qualified arm’s length finders. Each Finder’s Warrant is exercisable into one (1) Share (a “Finder’s Warrant Share”) at an exercise price of $0.20 per Finder’s Warrant Share on or before May 13, 2023.
All securities issued in connection with the Offering are subject to a statutory hold period of four months plus a day in accordance with applicable securities legislation ending on September 14, 2021.
The Company intends to use the proceeds from the Offering for general working capital purposes and to fund the Company’s entrance into the Canadian tobacco market, including initial product inventory purchases, excise taxes, regulatory security deposit requirements and staffing.
The securities being referred to in this news release have not been, nor will they be, registered under the United States (U.S.) Securities Act of 1933, as amended, and may not be offered or sold in the U.S. or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
HARRYS™ is a wholesale distributor of value priced, high quality, 100% natural tobacco cigarettes. HARRYS™ utilizes various types of tobacco blends to satisfy customer demands and preferences for products that meet Health Canada standards. The management team at HARRYS™ brings over 50 years of combined experience in the domestic and international tobacco industry.
For more information, please visit: www.harrysmfg.com
ON BEHALF OF THE BOARD
President & CEO
For further information, please contact:
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this news release. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary include, without limitation: uncertainties affecting the Company’s ability to enter the Canadian tobacco market and the Company’s ability to obtain any required provincial and federal licenses and registrations to operate in the tobacco industry. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.