IOU Financial could raise C$5 million via private placement of units

Company expects to price units with fractional warrants at C$0.40 each

By Devika Patel

Knoxville, Tenn., Dec. 18 - IOU Financial Inc. said it intends to raise between C$2 million and C$5 million in a private placement of units.

The company will sell units of one class B common share and three-quarters of a warrant at an anticipated price of C$0.40 per unit.

Each whole warrant will be exercisable for 18 months.

Proceeds will be used for the growth of the company's operating subsidiary, IOU Central Inc., and general corporate purposes.

The investment fund is based in Toronto.

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