Vancouver, British Columbia, October 15, 2021 – Harrys Manufacturing Inc. (“Harrys” or the “Company”) (CSE:HARY, OTCQB:WSRRF) is pleased to announce its wholly-owned subsidiary, Harrys International Manufacturing Inc., has commenced with its first order for Harrys® Premium King Size 20s in slide and shell packaging. The Company anticipates first shipments to Western Canada will begin late November, 2021.
Harrys® cigarettes are designed and blended for adult tobacco consumers who are looking for a quality product in the value priced segment of the cigarette market. “We are delighted that we’ll soon be able to offer a Canadian-made product to adult tobacco consumers in Western Canada”, says Ken Storey, President & CEO.
Non-Brokered Private Placement of Units
The Company also wishes to announce a non-brokered private placement of up to 5,000,000 units (the “Units”) of the Company at a price of $0.12 per Unit to raise total proceeds of up to $600,000 (the “Offering”).
Each Unit will be comprised 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 will be exercisable into one (1) additional Share (a “Warrant Share”) at an exercise price of $0.20 per Warrant Share for a period of 24 months from the closing date of the Offering.
All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day following the closing date of the Offering in accordance with applicable securities legislation. Completion of the Offering is subject to a number of conditions, including, but not limited to, the receipt of all regulatory approvals, including approval of the Canadian Securities Exchange (the “CSE”). The Company may pay a finder’s fee in connection with the Offering to eligible arm’s length finders in accordance with CSE policies.
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, 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. Harrys’ management team 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:
Information in this news release concerning the Company’s products is intended for the exclusive use of market investors and is not in any way intended to promote tobacco products to consumers, which is prohibited by Canadian law.
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, including the expected timing and ultimate completion of the Company’s first shipments of tobacco products to Western Canada, the Company’s ability to raise funds pursuant to the Offering or the Company’s anticipated use of proceeds from the Offering, 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, including that the Company will remain on track to ship its first order to Western Canada, without material manufacturing, shipping and/or regulatory delays, and the Company will be successful in raising funds pursuant to the Offering. 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: (i) risks associated with the production, manufacturing and shipping of tobacco products; and (ii) risks and uncertainties normally incident with the raising of capital, including, without limitation, financing risks, uncertainties affecting the expected use of proceeds, the failure to satisfy the conditions of the relevant securities exchange(s) and delays resulting from or inability to obtain required regulatory approvals. 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 as required by applicable securities laws.