PORTLAND, Ore., Nov. 8, 2013 /CNW/ - RESPECT YOUR UNIVERSE, INC. (TSX VENTURE: RYU) (OTCQB: RYUN) (RYU) is pleased to announce that it has completed a private placement (the "Financing") of 4,414,542 units (each, a "Unit") at a price of US$0.10 per Unit for gross proceeds of US$441,453.80. Each Unit consists of one shares of common stock of RYU (each a "Share") and one warrant, which entitles the holder to purchase one additional Share at a price of US$0.25 for a period of three years. The proceeds from the sale of the Financing are anticipated to fund general operations of RYU.
RYU is seeking up to an additional $1,058,546.20 on the same terms as this Financing.
All securities issued in connection with the Financing will be subject to a statutory four month hold period and applicable US hold periods. None of the securities issued have been 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 press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.
Respect Your Universe, Inc. is a performance apparel brand designed for athletes and active adults. Crafted from organic and/or earth-friendly materials, RYU apparel enhances movement, is extremely comfortable and healthy for the environment. Founded in 2008, RYU has incorporated the lessons learned from mixed martial arts into beautiful everyday performance wear. For more information, visit www.ryu.com.
On Behalf of the Board
RESPECT YOUR UNIVERSE, INC.
/s/ Craig Brod
CEO and Director
Statements regarding the use of the proceeds from the Financing and that RYU is seeking an additional funds on the same terms of the Financing are "forward-looking statements", which are subject to risks and uncertainties, which may cause the actual results, performance or achievements of RYU to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, that RYU may be unable to close any additional financing. Except as required by law, RYU undertakes no responsibility to update any of the statements contained in this news release.
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.
818 North Russell Street
Portland, OR 97227
Tel: +1 877 798 8326
SOURCE: Respect Your Universe, Inc.
For further information:
Investor Relations, Tel: +1 877 367 0704, Email: firstname.lastname@example.org, or Media Inquiries, Public Relations, Respect Your Universe, Inc., Tel: +1 877 798 8326, Email: email@example.com