RYU Apparel Inc. (TSX-V: RYU, OTCQB: RYPPF) ('RYU' or the 'Company'), creators of urban athletic apparel, is pleased to announce that, further to its news release dated November 20, 2019, the Company has now closed a first tranche (the 'First Tranche') of the non-brokered private placement financing of units (the 'Units') at a price of $0.03 per Unit (the 'Private Placement').

The First Tranche consisted of 45,322,731 Units of the Company for aggregate gross proceeds of approximately $1,359,681.

Each Unit consisted of one common share of the Company (a 'Share') and one common share purchase warrant (a 'Warrant'). Each Warrant will entitle the holder to purchase one additional Share at a price of $0.05 on or before December 20, 2021. The Warrants are subject to accelerated expiry in the event the daily volume weighted average trading price of the Company's common shares equals or exceeds $0.10 on the TSX Venture Exchange (the 'Exchange') (or such other exchange on which the common shares may be traded) for ten (10) consecutive trading days at any time after April 21, 2020 in which case, the Company may accelerate the expiry date of the Warrants by giving notice via news release to the holders thereof and, in such case, the Warrants will expire on the 30th day after the date on which the news release is disseminated by the Company. In connection with the First Tranche of the Private Placement, the Company paid finder's fees of $15,574.56 to a certain finder. Completion of subsequent tranches of the Private Placement are subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the Exchange. All securities issued in connection with the First Tranche of the Private Placement are subject to statutory hold period of four months plus a day in accordance with applicable securities legislation expiring on April 21, 2020.

Contact:

Tel: 6042352880

This news release contains forward looking information that involves various risks and uncertainties regarding future events. Such forwardlooking 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 that RYU intends to undertake subsequent tranches of the Private Placement. 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 forwardlooking information, including: (i) adverse market conditions; (ii) the inability of RYU to complete subsequent tranches of Financing at all or on the amended terms announced; or (iii) the Exchange not approving subsequent tranches of the Financing. 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 forwardlooking statements.

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