Respect Your Universe, Inc. raised $1.3 million via a private placement of 13,364,974 units at 10 cents each. The Portland, OR company, whose shares are listed on the Toronto Stock Exchange, said it will use proceeds to acquire inventory, commence a new retail store build-out, pay accounts payables and for other corporate purposes.
Each unit consists of one common share and one warrant, which entitles the holder to purchase one additional share at a price of 25 cents for a period of three years. RYU said additional financing will be required to complete the retail store build-out, acquire inventory from suppliers, open a new outlet store, and fund daily operations. RYU paid a finder's fee of $115,650 to one finder in connection with the financing.
RYU also said it had appointed Martino Ciambrelli to its board of directors. Ciambrelli has more than 25 years' experience in sales development and management of consumer brands with a focus on the food and beverage industry. Since March 2013, he has been president of Naturo Group Investments Inc., a nutritional beverage and food company. From July 2011 to February 2013, he was director of business development, Pacific at AirSprint Inc., which specializes in private aviation solutions. From March 2001 to July 2011, he was regional manager western Canada at Johnvince Foods, which owns the rights to the “Mr. Peanut” brand in Canada.
All securities issued in connection with the Financing will be subject to a statutory four month hold period and applicable U.S. holding periods. None of the securities issued have been registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act.
Founded in 2008, RYU makes martial-arts-inspired performance apparel for athletes and active adults using organic and/or earth-friendly materials.
