RYU Apparel Inc. announced a private placement consisting of 6 million units at a price of $0.25 each for gross proceeds of $1.5 million.
Each Unit will consist of one common share and one warrant, which entitles the holder to purchase one additional Share at a price of $0.50 per share for a period of three years.
All securities issued pursuant to the financing will be subject to a statutory hold period expiring four months and one day after closing of the financing. Any participation by insiders in the offering will be a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions but will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 provided that neither the fair market value of the subject matter of the transaction nor the consideration paid will exceed 25 percent of the company's market capitalization.
RYU also announced that Michelle Sibley resigned as a director of RYU effective Oct. 18, 2015. RYU thanked Sibley for her contributions.
RYU Apparel Inc. is a global, athletic tech-style apparel brand engineered for the fitness, training and performance of the multi-discipline athlete.