Deal sells 34.4 million common shares along with three-year warrants
By Devika Patel
Knoxville, Tenn., June 13 – Respect Your Universe, Inc. completed a $280,000 second and final tranche of a $3.44 million private placement of units. The deal raised $3.16 million on May 23.
The company sold 34.4 million units of one common share and one warrant at $0.10 per unit. It sold 31.6 million units in the first tranche and 2.8 million units in the second.
Each warrant is exercisable at $0.25 for three years. The strike price is a 257.14% premium to the May 22 closing share price of $0.07.
The apparel retailer is based in Las Vegas.
Issuer: | Respect Your Universe, Inc.
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Issue: | Units of one common share and one warrant
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Amount: | $3.44 million
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Units: | 34.4 million
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Price: | $0.10
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | $0.25
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Settlement dates: | May 23 (for $3.16 million), June 13 (for $280,000)
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Stock symbol: | OTCBB: RYUN
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Stock price: | $0.07 at close May 22
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Market capitalization: | $9.17 million
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