RYU Apparel Inc. announced a non-brokered private placement of up to 7,500 convertible debenture units at a price of $1,000 per debenture unit for aggregate gross proceeds of up to $7.5 million.

The offering replaces the previously announced $12.5 million non-brokered private placement of debenture units set out in news releases dated August 17, 2021 and August 20, 2021.

Management anticipates that Cesare Fazari, CEO, with other insiders of the company, intend on subscribing for approximately $2.5 million of debenture Units in the offering.

If the offering is fully subscribed, management anticipates allocating $2.5 million of the proceeds towards inventory, $1 million towards debt repayment and the remaining proceeds for general working capital.

Photo courtesy RYU Apparel