Deal conducted by HDL Capital; second tranche will settle by April 13
By Devika Patel
Knoxville, Tenn., April 5 - IOU Financial Inc. said it settled the initial tranche of a C$1 million private placement of units, raising C$360,000. The deal priced on March 1 and is being conducted by HDL Capital Corp. The company expects to settle a second and final C$640,000 tranche by April 13.
The company is selling units of one class B common share and one warrant at C$0.40 per unit.
Each one-year warrant is exercisable at C$0.50, a 92.31% premium to C$0.26, the Feb. 29 closing share price.
Proceeds will fund the growth of the company's operating subsidiary, IOU Central Inc., and also be used for general corporate purposes.
The investment fund is based in Toronto.
| Issuer: | IOU Financial Inc.
|
| Issue: | Units of one class B common share and one warrant
|
| Amount: | C$1 million
|
| Price: | C$0.40
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Agent: | HDL Capital Corp. (lead)
|
| Pricing date: | March 1
|
| Settlement dates: | April 5 (for C$360,000), April 13 (for C$640,000)
|
| Stock symbol: | CNSX: IOU
|
| Stock price: | C$0.26 at close Feb. 29
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