VANCOUVER, May 31, 2016 /CNW/ - RYU Apparel Inc. (TSX VENTURE: RYU & Frankfurt Stock Exchange: RYA), a global, tailored technical urban athletic apparel and accessories brand engineered for the fitness, training and performance of the multi-discipline athlete, is pleased to announce that, further to its news releases dated April 8, 2016 and April 13, 2016, it has closed the second tranche of the previously announced $1.7 million private placement. The closing of the second tranche consisted of 11,934,821 Units (each, a "Unit") at a price of $0.20 per Unit for gross proceeds of approximately $2.4 million. Such proceeds, when combined with the previously announced first tranche of 1,595,850 Units for proceeds of $319,170 that closed on April 13, 2016, result in a total of 13,530,671 Units for aggregate gross proceeds of approximately $2.7 million. Each Unit consists of one common share (a "Share") and one warrant, which entitles the holder to purchase one additional Share at a price of $0.50 per Share for a period of three years.
In connection with the closing of the second tranche of the financing, the Company paid cash finder's fees of $49,100, issued 600,000 common shares and issued 220,500 share purchase warrants on the same terms of the warrants issued in the financing.
All securities issued pursuant to the Financing, including those issued to finders, are subject to a statutory hold period expiring four months and one day after May 30, 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.
For regular updates on RYU Apparel visit: http://ryu.com
RYU Apparel Inc. is a global, tailored technical urban athletic apparel and accessories brand engineered for the fitness, training and performance of the multi-discipline athlete. Designed without compromise, 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.
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