Karma Athletics Ltd., a Canadian-based maker of fashion inspired yoga and fitness apparel, announced the closing of a $1.5 million private placement financing.
The net proceeds from the private placement will be used to fund working capital requirements, inventory ramp-up, marketing and future financing related expenses, including the preparation for an initial public offering.
“Karma apparel has been extremely sought after by retail stores and fitness studios throughout North America. We are thrilled to have working capital to produce inventory and begin to meet demand,” says Darrell Kopke, Chief Executive Officer of Karma Athletics Ltd. “We find ourselves in a unique position to give the active, fashion focused woman the exceptional clothing she has been searching for.”
Laurentian Bank Securities Inc. acted as financial advisor to Karma in connection with the private placement.
Karma designs, manufactures, and sells apparel that balances current trends, runway direction, and movement through yoga and dance. Founded in 2002, Karma focuses on honoring and empowering women both on and off the mat.
