Company selling 8.75 million units of one share and one warrant via deal
By Devika Patel
Knoxville, Tenn., April 13 – RYU Apparel, Inc. said it raised C$319,170 in the initial tranche of a C$1.75 million non-brokered private placement of units. The deal priced on April 8.
The company is selling 8.75 million units of one common share and one warrant at C$0.20 per unit. It sold 1,595,850 units in the first tranche.
Each warrant is exercisable at C$0.50 for three years. The strike price reflects a 177.78% premium to the April 7 closing share price of C$0.18.
Proceeds will be used for expansion of new stores, inventory and general working capital purposes.
The fitness apparel brand is based in Vancouver, B.C.
| Issuer: | RYU Apparel, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.75 million
|
| Units: | 8.75 million
|
| Price: | C$0.20
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | April 8
|
| Settlement date: | April 13 (for C$319,170)
|
| Stock symbol: | TSX Venture: RYU
|
| Stock price: | C$0.18 at close April 7
|
| Market capitalization: | C$12.84 million
|
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