Deal sells shares with three-year warrants to fund inventory purchase
By Devika Patel
Knoxville, Tenn., Feb. 5 - Respect Your Universe, Inc. said it completed a $1.34 million private placement of units.
The company sold 13,364,974 units of one common share and one warrant at $0.10 per unit.
Each warrant is exercisable at $0.25 for three years. The strike price is a 257.14% premium to the Feb. 4 closing share price of $0.07.
Proceeds will be used to acquire inventory, for a new retail store build-out and general corporate purposes.
The apparel retailer is based in Las Vegas.
| Issuer: | Respect Your Universe, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $1,336,497
|
| Units: | 13,364,974
|
| Price: | $0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.25
|
| Settlement date: | Feb. 5
|
| Stock symbol: | OTCBB: RYUN
|
| Stock price: | $0.07 at close Feb. 4
|
| Market capitalization: | $4.78 million
|
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