Offering sells 7.29 million common shares with three-year warrants
By Devika Patel
Knoxville, Tenn., June 3 - Respect Your Universe, Inc. said it completed a $1.82 million private placement of units.
The company sold 7.29 million units of one common share and a warrant at $0.25 per unit.
Each warrant is exercisable at $0.50 for three years. The strike price is a 78.57% premium to the May 31 closing share price of $0.28.
Proceeds will be used to open new retail store locations and expand the company's apparel further into the U.S. marketplace.
The apparel retailer is based in Portland, Ore.
| Issuer: | Respect Your Universe, Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | $1,822,500
|
| Units: | 7.29 million
|
| Price: | $0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.50
|
| Settlement date: | June 3
|
| Stock symbol: | OTCBB: RYUN
|
| Stock price: | $0.28 at close May 31
|
| Market capitalization: | $15.31 million
|
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