Deal conducted by HDL Capital; proceeds fund subsidiary IOU Central
By Devika Patel
Knoxville, Tenn., March 1 - IOU Financial Inc. said it plans a private placement of units to raise about C$1 million. HDL Capital Corp. is the lead agent.
The company will sell 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.
Settlement is expected on March 31.
Proceeds will fund the growth of the company's operating subsidiary, IOU Central Inc., and will 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 (approximate)
|
| 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 date: | March 31
|
| Stock symbol: | CNSX: IOU
|
| Stock price: | C$0.26 at close Feb. 29
|
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