Deal conducted by HDL Capital; units include one-year C$0.50 warrants
By Devika Patel
Knoxville, Tenn., April 13 - IOU Financial Inc. said it raised C$877,000 in the second and final tranche of a C$1.24 million private placement of units. The deal priced for C$1 million on March 1 and raised C$360,000 on April 5. HDL Capital Corp. was the lead agent.
The company sold 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.
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Issue: | Units of one class B common share and one warrant
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Amount: | C$1,237,000
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Price: | C$0.40
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.50
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Agent: | HDL Capital Corp. (lead)
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Pricing date: | March 1
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Settlement dates: | April 5 (for C$360,000), April 13 (for C$877,000)
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Stock symbol: | CNSX: IOU
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Stock price: | C$0.26 at close Feb. 29
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