LAS VEGAS, NV -- (Marketwire) -- 01/21/13 -- Respect Your Universe, Inc. (TSX VENTURE: RYU) (OTCBB: RYUN) ("RYU") is pleased to announce that it has completed a private placement (the "Financing") of 2,000,000 shares of common stock of RYU (each a "Share") at a price of US$0.50 per Share for gross proceeds of US$1,000,000. The proceeds from the sale of the Financing are anticipated to fund general operations of RYU.
In connection with the Financing, RYU paid one finder a finder's fee of 5% cash and 5% warrants on the gross proceeds received by RYU from investors introduced to RYU through the finder. RYU paid commission of approximately US$50,000 and issued 100,000 finder's warrants, with each finder's warrant exercisable into one Share at a price of US$0.50 for a period of 24 months from the date of issuance.
RYU is seeking up to an additional $4,000,000 on the same terms as the 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.
For further information, please contact Aaron Loreth, Vice President Finance of RYU at 503-766-6427 and email@example.com.
About Respect Your Universe
Respect Your Universe, Inc. (TSX VENTURE: RYU) (OTCBB: RYUN) is a premium performance apparel company focused on the needs of the athlete. The men's and women's performance and active wear lines are designed for an athletic consumer and suited for a performance lifestyle. The Respect Your Universe brand is based on respect, strength, honor and sustainability. Crafted from organic and/or recycled materials, the products are focused on performance, comfort and style, but also designed with respect toward maintaining the health of our environment.
For more information, visit www.ryu.com.
Statements regarding the use of the proceeds from the Financing and that RYU is seeking an additional $4,000,000 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.
For further information, please contact
Vice President Finance of RYU
Most Popular Stories
- Businesses, Investors Pressing for Green Policy
- E-scrap Recyclers Find Profits in Upgrades
- 'The Voice' Sounds Different This Season
- At Groupon, Not a Good Deal of Workplace Diversity
- Congress Casts a Coy Vote on ISIS War
- Lower Used-Car Prices Roil the Auto Industry
- Porn Lovers Get a New Search Engine
- Utah Hosts US Hispanic Chamber of Commerce Meeting
- Liberty Power Helps USHCC Go Green
- Investors Fret Yahoo's Future, Stock Dips