Company continues to leverage strong cash
position to reduce debt,
bringing year-to-date total to
$2 million of convertible debentures
repurchased.
MONTREAL, June 9, 2022
/CNW/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV:
IOU), a leading online lender to small businesses
(IOUFinancial.com), announced today that it is repurchasing
approximately $0.6 million of its
convertible debentures in the capital of the Company (the
"Debentures") at par. Such transactions are being carried out
pursuant to repurchase agreements entered into with individual
holders of Debentures.
Today's move to repurchase $0.6
million of Debentures brings the total year-to-date
repurchases to $2 million and reduces
the outstanding principal value of Debentures to approximately
$6 million. The Debentures mature on
December 31, 2023.
"IOU's continued growth and robust financial position gives us
further opportunity to reduce corporate debt," said Robert Gloer, CEO. "We are able to remain
laser-focused on achieving even greater levels of scalable growth
in the months and years ahead."
About IOU Financial Inc.
IOU Financial Inc. is a wholesale lender that provides quick and
easy access to growth capital to small businesses through a network
of preferred brokers across the US and Canada. Built on its
proprietary IOU360 technology platform that connects underwriters,
merchants and brokers in real time, IOU Financial has become a
trusted alternative to banks by originating over US$1 billion in loans to fund small business
growth since 2009. IOU trades on the TSX Venture Exchange
under the symbol IOU (TSXV: IOU), and on the US OTC markets as
IOUFF. To learn more about IOU Financial's corporate history,
financial products, or to join our broker network please visit
www.IOUFinancial.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 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 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 TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE IOU Financial Inc.