RYU Apparel Inc. has completed a private placement financing for gross proceeds of approximately CA$4.8 million, priced at CA$0.30 per common share. There were no warrants included in the financing.
“During 2014, our new team took control over the company, cleaned up operations, including inventory and re-positioned RYU for accelerated growth,” said Marcello Leone, Chairman and CEO of RYU, a fitness
apparel brand that recently relocated to Vancouver, British Columbia as part of a broader restructuring. “As a result of all the recent developments and plans in place to roll-out our retail and web strategy over the remainder of 2015, we welcome this additional capital infusion in straight common equity. We believe that this additional capital will allow us to execute on our growth plan, which includes launching our complete company rebrand and DNA. In September 2015, we will launch our brick and mortar retail and e-commerce website, while we continue to expand our business-to-business relationships.”
RYU paid a total finder's fee of $218,100 to one finder. All securities issued in connection with the financing will be subject to a statutory four month hold period. None of the securities sold in connection with the financing will be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration statements.