Vancouver, British Columbia--(Newsfile Corp. - July 20, 2020) - RYU Apparel Inc. (TSXV: RYU) (OTCQB: RYPPF) ("RYU" or the "Company"), creator of urban athletic apparel, announces that it has postponed its previously announced private placement offering of up to 333,333,333 units (the "Units") at a price of $0.03 per Unit to raise aggregate gross proceeds of up to a maximum of $10 million (the "Private Placement").
The Company further announces it will implement the previously announced consolidation (the "Share Consolidation") of its outstanding shares (the "Common Shares") on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidated Common Shares, effective as of July 22, 2020. The Company has received TSX Venture Exchange ("TSXV") approval for the Share Consolidation.
Following the Share Consolidation, the Common Shares will continue to be traded on the TSXV under the symbol "RYU". The Common Shares are scheduled to begin trading on a post-consolidation basis at market open on July 22, 2020.
A letter of transmittal has been mailed to all registered shareholders with instructions on how to exchange their existing share certificate(s) for new share certificate(s).
No fractional Common Shares will be issued upon the Share Consolidation. In the event a holder of Common Shares would otherwise be entitled to receive a fractional Common Share in connection with the Share Consolidation, the number of Common Shares to be received by such shareholder will be rounded down to the next whole number if that fractional Common Share is less than one half (1/2) of a Common Share, and will be rounded up to the next whole number of Common Shares if that fractional Common Share is equal to or greater than one half (1/2) of a Common Share.
The exercise or conversion price of, and the number of Common Shares issuable under, any convertible securities of the Company will be proportionately adjusted upon the completion of the Share Consolidation.
RYU APPAREL INC.
Cesare Fazari, CEO
Contact: Anna Brazier
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward‐looking information that involve 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 the Company, such as the statement that the Company intends to complete the Consolidation. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward‐looking information, including the TSX Venture Exchange not approving the Consolidation.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60127