On March 24, 2022, RYU Apparel Inc. closed the transaction. The company issued 3,722 convertible debenture units for gross proceeds of CAD 3,722,000. The debentures are convertible into 24,813,333 shares at a conversion of each unit has a face value of CAD 1,000 and convertible into 6,666.67 shares at CAD 0.15 per share.

The maturity date is three years from closing. The transaction include participation from 10 placees including insider Cesare Fazari, Chief Executive Officer of the company for CAD 600,000. The company paid finders fees to Canaccord Genuity Corp.

of CAD 24,000 and 610,000 warrants.