Deal sells common shares at $0.50 per share to fund general operations
By Toni Weeks
San Luis Obispo, Calif., March 8 - Respect Your Universe, Inc. said it completed a $450,000 tranche of a $1.45 million private placement of stock on March 6, according to an 8-K filed Friday with the Securities and Exchange Commission. The company sold the initial $1 million of stock on Jan. 21.
The company sold a total of 2.9 million common shares at $0.50 per share. The price is identical to the Jan. 18 closing share price.
Proceeds will be used for general operations.
The apparel retailer is based in Las Vegas.
| Issuer: | Respect Your Universe, Inc.
|
| Issue: | Common stock
|
| Amount: | $1.45 million
|
| Shares: | 2.9 million
|
| Price: | $0.50
|
| Warrants: | No
|
| Settlement dates: | Jan. 21 (for $1 million), March 6 (for $450,000)
|
| Stock symbol: | OTCBB: RYUN
|
| Stock price: | $0.50 at close Jan. 18
|
| Market capitalization: | $24.4 million
|
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