RYU Apparel Inc. announced that it has closed its previously announced follow on non-brokered private placement financing that has resulted in gross proceeds of Canadian $1.1 billion ($780,000).
The financing consists of 13.7 million units of the company at a price of 8 cents per unit. Each Unit consists of one common share and one transferable common share purchase a warrant. Each warrant entitles the holder to purchase one additional common share at a price of 10.5 cents per common share for a period of two years from the closing of the financing.
The company intends to use the proceeds from the financing to purchase inventory and for general working capital, including the previously announced development of the product lines for Canada Skateboard and product placement opportunities with Branded Entertainment Inc. and the launch of its wholesale strategy.