RYU Apparel Inc. has closed a first tranche of the non-brokered private placement financing of up to 80 million units at a price of $0.075 per unit for gross proceeds of up to $6 million.
The First Tranche consisted of 38.2 million units of the company at a price of $0.075 per unit for gross proceeds of $2.86 million.
Each unit consists of one common share and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $0.15 per common share for a period of three years from the closing of the financing, subject to an acceleration provision depending on the price of RYU’s shares.
For the first tranche, the company paid cash finder’s fees of $33,100.60 to certain finders.
