VANCOUVER, Nov. 23, 2016 /PRNewswire/ - RYU Apparel Inc. (TSX VENTURE: RYU & Frankfurt Stock Exchange: RYA), creator of "tailored innovation for the urban athlete", is pleased to announce that it closed a private placement of 30,252,560 units (each, a "Unit") at a price of $0.125 per Unit for proceeds of $3,781,570 on November 23, 2016. Each Unit consists of one common share (a "Share") and one share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder to purchase one additional share at a price of $0.20 per share for a period of two years from the closing of the financing, subject to an acceleration provision whereby, in the event that the Company's common shares have a closing price on the TSX Venture Exchange of greater than $0.25 per share for a period of 20 consecutive trading days at any time after four months and one day from the closing date, the Company may accelerate the expiry date of the warrants by giving notice to the holders thereof and, in such case, the warrants will expire on the 30th day after the date on which such notice is given to the holders.
The Company paid cash finder's fees of $78,177.50 and issued 202,500 common shares and 402,920 share purchase warrants to certain finders in connection with the financing. The finder's warrants have the same terms and conditions as the Warrants.
All securities issued pursuant to the financing are subject to a statutory hold period expiring four months and one day after November 23, 2016.
None of the securities issued in connection with the financing will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there by any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
The Company also announces that on November 15, 2016, it granted 150,000 stock options to a consultant of the Company for the purchase of 150,000 common shares of the Company pursuant to its Stock Option Plan. Each option is exercisable for a period of five (5) years at a price of $0.20 per common share.
For regular updates on RYU Apparel visit: http://ryu.com
RYU Apparel Inc. is tailored innovation for the urban athlete. Designed without compromise, RYU engineers apparel and accessories for the fitness and training of the multi-discipline athlete. Created for athletes by athletes, RYU exists to facilitate human performance. For more information, visit: http://ryu.com
On Behalf of the Board
RYU APPAREL INC.
Marcello Leone, CEO, President and Chairman of the Board
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE RYU Apparel Inc.