RYU Apparel Inc. (TSXV:RYU) entered into a share exchange agreement to acquire Kosan Travel Co. from its shareholders for CAD 4 million on March 24, 2021. The consideration for the transaction will be CAD 4 million worth of common shares in the capital of RYU, with the number of shares issuable based on the volume-weighted average closing price of the shares on the TSX Venture Exchange over the 30 trading-days prior to the closing of the transaction. Closing is subject to Kosan raising at least CAD 0.18 million in equity financing and a number of other conditions common to similar share exchange transactions, including the conditional approval of TSXV. Closing is also subject to Kosan having no more than CAD 0.09 million in aggregate indebtedness on the closing date. Kosan's unaudited net sales for the year ended May 31, 2020 were CAD 0.9 million with an achieved gross margin of 39%. The company anticipates that the transaction will constitute an expedited transaction in accordance with the policies of the TSXV. RYU Apparel Inc. (TSXV:RYU) cancelled the acquisition of Kosan Travel Co. from its shareholders on August 5, 2021. In connection with the termination, RYU and Kosan have entered into a settlement agreement, pursuant to which, RYU has agreed to issue to Kosan 500,000 common shares of RYU for a settlement value of CAD 75,000 as a break-fee; and RYU has agreed to release Kosan and Kosan has agreed to release RYU, from all claims in connection with the share exchange agreement. The issuance and delivery of the settlement shares to Kosan under the settlement agreement is subject to the approval of the TSX Venture Exchange.