Business news: Respect Your Universe Closes Private Placement

Respect Your Universe, Inc. completed a private placement of 7,290,000 units at a price of $0.25 USD per unit for gross proceeds of $1.82 million. 

Each Unit is comprised of one common share of RYU and one common share purchase warrant, with each Warrant being exercisable into one additional share at an exercise price of $0.50 per share for a period of three years from the closing of the financing.

The proceeds from the sale of the financing are anticipated to fund general operations of RYU, including RYU's anticipated West Coast retail expansion in the 4th quarter of 2013. In connection with the financing, RYU paid a total finder's fee of $25,000 USD and issued finder's warrants to purchase up to 60,000 shares for a period of two years from the closing of the Financing at an exercise price of $0.50 USD per share.

"We are pleased to announce the closing of this private placement. We believe this gives RYU the ability to open new retail store locations and expand its fashion forward performance apparel further into the US marketplace," states Craig Brod, PhD., chief executive officer, Respect Your Universe, Inc. "We are grateful to have this opportunity to bring RYU closer to the point of purchase of a wider audience."

RYU is headquartered in Portland, Oregon, and opened its store in Las Vegas, Nevada in October 2012.

Source RYU through Sportsonesource

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