Vancouver, British Columbia – TheNewswire - March 2, 2021 – Harrys Manufacturing Inc. (“Harrys” or the “Company”) (CSE:HARY) (CNSX:HARY.CN) (OTC:WSRRF) is pleased to announce it has completed a non-brokered private placement (the “Offering”), pursuant to which it issued an unsecured convertible debenture (the “Debenture”) in the principal amount of $200,000 (the “Principal Amount”).
The Debenture bears interest at a rate of 6% per annum from the date of issue (the “Issue Date”), calculated and payable on the date that is two (2) years from the Issue Date, unless earlier converted.
The Principal Amount and any accrued and unpaid interest on the Debenture may be convertible at the election of the holder into units of the Company (“Units”) at a conversion price of $0.10 per Unit. Each Unit consists of one common share (a “Share”) and one common share purchase warrant (each, a “Warrant”). Each Warrant will be exercisable into one Share (each, a “Warrant Share”) at an exercise price of $0.12 per Share for a period of 24 months after the Issue Date.
In accordance with applicable securities laws, all securities issued under the Offering will be subject to a four month and one day hold period from the date of issuance.
The net proceeds of the Offering will be used for general and corporate working capital purposes.
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
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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.
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