Harmony Acquisitions Corp. Announces Closing of Initial Public Offering

Vancouver, British Columbia–(Newsfile Corp. – December 22, 2021) – Harmony Acquisitions Corp. (TSXV: MONY.P) (“Harmony” or the “Company“) is pleased to announce that on December 21, 2021, it has successfully completed its initial public offering (“Offering“), raising gross proceeds of $200,130 pursuant to a prospectus dated November 12, 2021. An aggregate of 2,001,300 common shares in the capital of the Company (the “Shares“) were subscribed for at a price of $0.10 per Share.

Gravitas Securities Inc. (the “Agent“) acted as the agent for the Offering. The Agent received a cash commission of $20,013, which is equal to 10% of the gross proceeds of the Offering, and an option to purchase 200,130 Shares at a price of $0.10 per Share for a period of 24 months from the date of listing of the Shares on the TSX Venture Exchange (the “Exchange“).

The Company is a “capital pool company” and intends to use the net proceeds of the Offering to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the policies of the Exchange. The Company anticipates that trading on the Exchange will commence on or about December 24, 2021 under the trading symbol “MONY.P“.

Upon closing of the Offering, Harmony granted 620,000 stock options to its directors and officers, which are exercisable within ten years from the date of the grant at an exercise price of $0.10 per Share. As a result of the closing of its initial public offering, Harmony now has 6,201,301 Shares issued and outstanding (4,200,001 of which are subject to escrow restrictions).

Raymond D. Harari, CEO & Director, stated, “Harmony Acquisitions Corp. has an exceptional team of backers, and we will meticulously evaluate businesses to find an exciting target company for a qualifying transaction. Harmony intends to provide capital, liquidity, and expertise to the target company to bolster its operations and propel it towards long-term success.”

About the Company

Harmony is a capital pool company (“CPC“) within the meaning of the policies of the Exchange that has not commenced commercial operations and has no assets other than cash. The board of directors of the Company consists of Messrs. Raymond D. Harari, Mark Goldhar, Darren Collins, Jillian Monaghan, Colin Moore, and Jeffrey Klam. The officers of the Company are Raymond D. Harari, Chief Executive Officer, Mark Goldhar, Chief Financial Officer, and Jeffrey Klam, Corporate Secretary. Except as specifically contemplated in the Exchange’s CPC policy, until the completion of its Qualifying Transaction, the Company will not carry on business, other than the identification and evaluation of companies, business, or assets with a view to completing a proposed Qualifying Transaction.

Forward-Looking Information

This news release contains statements about Harmony’s expectations regarding the completion of the application for listing and the commencement of trading on the Exchange that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as final listing approval from the Exchange and statements regarding a potential target company for a qualifying transaction. Although Harmony believes that the expectations reflected in these forward-looking statements are reasonable, as Harmony assumes it will be able to fulfill the terms of the conditional listing approval granted by the Exchange and intends to operate its business in accordance with management’s statements, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include failure to fulfill conditions of listing, inability to obtain required regulatory approvals and inability to find an appropriate target company through which to complete a qualifying transaction. The forward-looking statements contained in this news release are made as of the date hereof, and Harmony undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

For further information, please contact:

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Mark Goldhar, Chief Financial Officer at:

Telephone: 902-478-7090

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

THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state, and may not be offered or sold in the United States unless an exemption from registration is available. This press release does not constitute an offer to sell or the solicitation of any offer to buy these securities in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108372