Mixed martial arts apparel firm Respect Your Universe revealed plans to raise $1.5 million through a placing. The cash will be used to accelerate its investment in innovative product and marketing initiatives to drive brand awareness and grow revenues.
“We are excited and very pleased to complete this round of financing that we believe provides the financial resources to execute our sales, marketing and advertising strategies,” said chief financial officer Steve Eklund.
RYU is issuing to investors 1.5 million units comprising one common share and a half warrant. Each full warrant entitles the holder to buy an additional RYU share priced at US$1.80 each. Earlier this month RYU launched its debut product line. The spring 2012 men's premium performance apparel line became available on February 15.
The line will contain training, competition, sportswear, headwear and accessory items.
