/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, May 24, 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 entered into
an engagement letter with Canaccord Genuity Corp. (the
"Agent"), pursuant to which the Agent has agreed to act as
an agent of the Company on a commercially reasonable efforts basis
in connection with the offering of units of the Company (the
"Units") at a price of $0.09
per Unit (the "Offering Price") for an amount to be
determined in the context of the market
(the "Offering"). Each Unit will consist of one
common share (each, a "Share") of the Company and one
transferable common share purchase warrant (each, a
"Warrant"). Each Warrant shall be exercisable into one Share
(each a "Warrant Share") for a period of 24 months from
closing of the Offering (the "Closing") at an exercise price
of $0.135.
The Company has agreed to grant the Agent an over-allotment
option (the "Over-Allotment Option"), exercisable in whole
or in part, for a period of 30 days from the Closing, to offer an
additional 15% of the number of Units (the "Additional
Units") at the Offering Price, solely to cover over-allotments,
if any, and for market stabilization purposes.
The Company has filed and obtained a receipt for a preliminary
prospectus with the securities regulatory authorities in each of
the provinces of the Provinces of British
Columbia, Alberta,
Saskatchewan, Manitoba, Ontario, New
Brunswick and Nova Scotia
for the Offering.
The Offering is expected to close on or about June 14, 2017 and is subject to the Company
receiving all necessary regulatory approvals, including the
approval of the TSX Venture Exchange.
The net proceeds of the Offering are intended to be used to fund
store expansion and to purchase inventory and for general corporate
purposes.
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
This news release contains forward-looking information that
involves various risks and uncertainties regarding future events.
Such forward-looking information can include without limitation
statements based on current expectations involving a number of
risks and uncertainties and are not guarantees of future
performance of RYU, such as statements about the Offering, the
Closing and the use of proceeds of the Offering. There are numerous
risks and uncertainties that could cause actual results and RYU's
plans and objectives to differ materially from those expressed in
the forward-looking information, including: (i) adverse market
conditions; (ii) risks inherent in the apparel industry in general;
(iii) the inability of RYU to complete the Offering at all or on
the terms announced; or (iv) the TSX Venture Exchange not approving
the Offering. Actual results and future events could differ
materially from those anticipated in such information. These and
all subsequent written and oral forward-looking information are
based on estimates and opinions of management on the dates they are
made and are expressly qualified in their entirety by this notice.
Except as required by law, RYU does not intend to update these
forward-looking statements.
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.