Respect Your Universe, Inc. (TSX VENTURE: RYU) (OTCQB: RYUN) has completed a private placement (the "Financing") of 900,000 shares of common stock of Respect Your Universe (each a "Share") at a price of US$0.50 per Share for gross proceeds of US$450,000. The proceeds from the sale of the Financing are anticipated to fund the general operations of Respect Your Universe.
"Securing this second round of financing is an important step as we drive our brand and its growth in the coming year," said David Campisi, CEO and chairman of the board of Respect Your Universe. "We're poised to build on our sales momentum and are excited about the potential that lies ahead."
In connection with the Financing, Respect Your Universe paid one finder a finder's fee of 5% cash and 5% warrants on US$50,000 of the gross proceeds received by Respect Your Universe from investors introduced to Respect Your Universe through the finder. Respect Your Universe paid a cash commission of approximately US$2,500 and issued 5,000 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. No finder's fee was paid on the balance of US$400,000.
All securities issued in connection with the Financing will be subject to a statutory four-month hold period and applicable U.S. hold periods. None of the securities issued have been registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the U.S. 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 has enlisted Tether, Inc. as its creative agency. Founded by Stanley Hainsworth, Tether designs brand stories for global companies including Gatorade, Microsoft and Starbucks.
Additionally, Respect Your Universe's Signature Large Ballistic Duffle was recently included on Muscle & Fitness Magazine's March list of The Best of the Best: Gear that holds up over the long haul.
For further information, please contact firstname.lastname@example.org or 778.998.9242.
About Respect Your Universe
Respect Your Universe, Inc. (TSX VENTURE: RYU) (OTCQB: 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.
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 more information on Respect Your Universe, go to http://www.linkmystock.com/ryu