MONTREAL, April 11 /CNW Telbec/ - IOU Financial Inc. (formerly MCO Capital Inc.) ("IOU Financial") (CNSX: IOU) is pleased to announce that considering IOU Financial fulfilled the last of the Canadian National Stock Exchange ("CNSX") listing requirements, it is expected that its Class B common shares (the "Class B Shares") will begin trading on the CNSX at the opening of markets tomorrow morning. The Class B Shares shall then be delisted from the NEX division of the TSX Venture Exchange.
Second Tranche of Private Placement
As previously announced, IOU Financial expects to proceed with the second tranche of the previously announced private placement of units in order to raise up to $3.5 million. Each unit is comprised of one Class B Share and one warrant to purchase a Class B Share for an exercise price of $0.50 for a one-year period.
About IOU Financial
IOU Financial, through its subsidiaries IOU Central and IOU USA, operates an Internet-based lending platform aimed at small businesses throughout the United States that IOU Financial believes are under served by banks today. IOU Financial allows these businesses to obtain loans (up to $100,000) without having to turn to more expensive factoring type products. To learn more visit: www.ioucentral.com
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of IOU Financial including, but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals, the execution of definitive documentation and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. IOU Financial does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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