/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, Feb. 2, 2017 /CNW/ - RYU Apparel Inc.
("RYU" or the "Company") (TSX VENTURE: RYU &
Frankfurt Stock Exchange: RYA), creator of "tailored innovation for
the urban athlete", is pleased to announce that it has closed its
previously announced short form prospectus offering, raising gross
proceeds of $3,734,440.65 for the
Company. Canaccord Genuity Corp. (the "Agent") acted
as an agent for the Company with respect to the sale of 24,896,271
common shares of the Company (the "Shares") at a price of
$0.15 per Share
(the "Offering"). The Shares were sold pursuant to an
agency agreement dated January 24,
2017 between the Company and the Agent (the "Agency
Agreement").
In consideration of the services performed by the Agent under
the Agency Agreement, the Company: (i) paid the Agent a commission
of $261,410.85 in cash; and (ii)
issued to the Agent and members of its selling group an aggregate
of 1,742,739 warrants entitling the Agent and members of its
selling group to acquire up to an aggregate of 1,742,739 common
shares of the Company at a price of $0.20 per common share until February 2, 2019. In addition, the Company paid
the Agent a corporate finance fee of $125,000, consisting of $62,500 in cash and $62,500 in common shares of the Company (the
"Corporate Finance Shares"), issued at a deemed price equal
to $0.15 per Share, being equal to
416,666 Corporate Finance Shares. The Company has also reimbursed
the Agent for expenses incurred by the Agent in connection with the
Offering in the amount of $81,500.
The securities described herein have not been registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), and may not be offered or sold in
the United States or to, or for
the account or benefit of, U.S. Persons (as defined in Regulation S
under the U.S. Securities Act) absent registration or an applicable
exemption from the registration requirements. This news 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
jurisdiction where such offer, solicitation, or sale would be
unlawful.
For regular updates on RYU Apparel visit: http://ryu.com.
About RYU
RYU Apparel Inc. is tailored innovation for
the urban athlete. Designed without compromise, RYU engineers
apparel and accessories for the fitness and training of the
multi-discipline athlete. Created for athletes by athletes, RYU
exists to facilitate human performance. For more information,
visit: http://ryu.com.
On Behalf of the Board
RYU APPAREL INC.
"Marcello
Leone"
Marcello Leone,
CEO, President and Chairman of the Board
Tel: 604-235-2880
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.