Vancouver, British Columbia – TheNewswire – March 3, 2022 – Manufacturing Harrys Inc. (“Harry’s“or the”Company”) (CSE:HARY), (OTC:WSRRF) announced that the Company has entered into a convertible loan agreement (the “To note”) with an arm’s length private lender for an aggregate principal amount of up to $100,000 (the “Principal loan amount”).
The note bears interest at the rate of 12% per annum and matures six (6) months from the date of issue (the “Due date”). At any time prior to the Maturity Date, upon not less than 10 days written notice to the Company, the Lender may, at its sole discretion, elect to convert all, but not less than all, of the Loan Amount principal into a number of common shares of shares of the Company equal to the quotient of the principal amount of the loan and $0.08 (the “Conversion”). Any interest accrued and payable on amounts unpaid under the Note will be paid in cash and is not eligible for conversion.
The Note and all securities issued in connection with the Note will be subject to a statutory hold period of four (4) months and one day from the date of issue in accordance with applicable securities laws.
The Company intends to use the principal loan proceeds for general working capital purposes and to purchase raw materials, including but not limited to packaging materials.
The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States. United States or to, or on behalf of or for the benefit of U.S. persons absent registration or an applicable exemption from registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
President and CEO Ken Storey said, “We are grateful for the continued support of our long-term stakeholders. Proceeds from this transaction will be used for working capital and securing future supplies of cardboard, which is a critical component of packaging. As you may know, pulp, paper and related products are currently volatile, which means we need to secure products further into the future to help ensure continuity of supply. I am confident that we will need a large supply of packaging as we move forward.
Harrys is a wholesale distributor of high quality, value priced 100% natural tobacco cigarettes. Harrys uses 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 COUNCIL
President and CEO
For more information, please contact:
Email: [email protected]
The information contained in this press release regarding the Company’s products is intended for the exclusive use of market investors and in no 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 press release.
Caution Regarding Forward-Looking Statements: This release includes certain statements and information this may constitute “looking towards the future information” in the meaning of in force Canadian Securities Laws. All statements in this press release, other than statements of historical facts, including statements regarding future estimates, plans, goals, timing, assumptions or expectations of future performance, including the use the Company’s forecast of the principal loan amount, the Company’s expectations regarding market supply/volatility of pulp, paper and related products, the Company’s expectations regarding its future requirements for packaging supplies and any expectations related to the Conversion are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of future-oriented terminology Phone like “for” Where “plans”, Where variants of Phone words and sentences Where statements this certain Stocks, events Where results “may”, “could”, “should”, “would like” Where “happen”. avant-garde statements are based to certain Equipment hypotheses and To analyse made by the Company and management’s opinions and estimates as of the date of this press 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. for to be materially different from those Express Where implicit by Phone future-oriented statements or forward-looking information. Important factors that could cause actual results to vary include, but are not limited to: uncertainties affecting the Company’s intended use of the principal loan proceeds, the Company’s ability to enter the Canadian tobacco market, the ability of the Company to obtain the state and federal licenses and registrations required to operate in the tobacco industry and the Company’s ability to forecast market trends. Although the Company’s management has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements or information, there may be other factors that cause the results are not those 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 warned this addiction to Phone information may do not to be appropriate for other purposes. the Company does not undertake for update any future-oriented declaration, future-oriented information Where financial outlook which is incorporated by reference herein, except as required by applicable securities laws.
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