Company sold 13,530,671 units of one share and one warrant via deal
By Devika Patel
Knoxville, Tenn., May 31 – RYU Apparel, Inc. said it raised C$2.39 million in the second and final tranche of a C$2.71 million oversubscribed non-brokered private placement of units. The deal priced for C$1.75 million on April 8 and raised C$319,170 on April 13.
The company sold 13,530,671 units of one common share and one warrant at C$0.20 per unit. It sold 1,595,850 units in the first tranche and 11,934,821 units in the second 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.
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Issue: | Units of one common share and one warrant
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Amount: | C$2,706,134
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Units: | 13,530,671
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Price: | C$0.20
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$0.50
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Agent: | Non-brokered
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Pricing date: | April 8
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Settlement date: | April 13 (for C$319,170), May 31 (for C$2,386,964)
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Stock symbol: | TSX Venture: RYU
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Stock price: | C$0.18 at close April 7
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Market capitalization: | C$12.16 million
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