Company to use proceeds for growth of its subsidiary, IOU Central
By Devika Patel
Knoxville, Tenn., Feb. 20 - IOU Financial Inc. said it raised about C$1.6 million in the third tranche of a C$5 million private placement of units on Tuesday. The company announced the deal on Dec. 18 and raised about C$2.4 million on Dec. 21 and C$665,000 on Dec. 28.
The company is selling units of one class B common share and three-quarters of a warrant at C$0.40 per unit.
Each whole warrant is exercisable for 18 months.
Palos Management Inc. is one of the company's co-lead brokers for the private placement.
Proceeds will be used for the growth of the company's operating subsidiary, IOU Central Inc., and general corporate purposes.
The Montreal-based company provides capital to small businesses.
| Issuer: | IOU Financial Inc.
|
| Issue: | Units of one class B common share and 0.75 warrants
|
| Amount: | Up to C$5 million
|
| Price: | C$0.40
|
| Warrants: | 0.75 warrants per unit
|
| Warrant expiration: | 18 months
|
| Broker: | Palos Management Inc. (co-lead)
|
| Settlement dates: | Dec. 21 (for C$2.4 million), Dec. 28 (for C$665,000), Feb. 19 (for C$1.6 million)
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| Stock symbol: | CNSX: IOU
|
| Stock price: | C$0.35 at close Dec. 17
|
| Market capitalization: | C$11.3 million
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