IOU Financial Announces the Repurchase of Approximately $0.4 Million of Convertible Debentures

Ad blocking detected

Thank you for visiting We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

IOU Financial Announces the Repurchase of Approximately $0.4 Million of Convertible Debentures

PR Newswire

IOU intends to repurchase an additional $2 million of convertible debentures, increasing the total announced and intended repurchases up to $4.3 million in 2021.

MONTREAL, Sept. 3, 2021 /PRNewswire/ - IOU FINANCIAL INC. ("IOU" or "the Company") (TSXV: IOU), a leading online lender to small businesses (, announced today that, pursuant to its intention to repurchase up to $0.5 million of its convertible debentures announced on June 16, 2021, it is repurchasing approximately $0.4 million of its convertible debentures in the capital of the Company (the "Debentures") at a discount per $1,000 of aggregate principal amount per Debenture. Such transactions are being carried out pursuant to repurchase agreements entered into with individual holders of Debentures.  Furthermore, IOU intends to repurchase up to an additional $2 million of its Debentures at a discount per $1,000 of aggregate principal amount per Debenture ("the Repurchases") by no later than October 31, 2021. 

Today's move to repurchase $0.4 million of its convertible debentures and intention to repurchase an additional $2 million come after the Company announced the repurchase of approximately $1.9 million in convertible debentures on June 16, 2021.  In total, the announced and intended repurchases of convertible debentures in 2021 amount to $4.3 million.

"IOU's strong cash position gives us the opportunity to reduce corporate debt as well as interest expense going forward and capitalize on the continuing economic recovery," said Robert Gloer, CEO.  "We are excited to be in a position to support the growth of small businesses."

With respect to the intended repurchase of an additional $2 million in convertible debentures announced today, IOU will seek to repurchase such Debentures pursuant to repurchase agreements to be entered into with individual holders of Debentures and to close the Repurchases by no later than October 31, 2021. There can be no assurances that any Debentures will be so repurchased, that all Debentures that an individual holder wishes to be repurchased will so be, or that the Repurchases will be completed by such date.

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 underwriting US$932 million 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

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements.  Forward-looking statements are statements, other than statements of historical fact, that address or discuss activities, events or developments that IOU expects or anticipates may occur in the future.  These forward- looking statements can be identified by the use of words and phrases such as "anticipates", "believes", "estimates", "expects", "may", "plans", "projects", "should", "will", "intends", "seeks", "allows", "creates a path for", "puts in a position to" or the negative thereof or other variations thereon. These forward-looking statements are subject to and involve substantial known and unknown 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, the uncertainty of obtaining additional financing, risks related to the Company's incapacity to execute on its business plan, dependence on third-party service providers, competition, dependence on key personnel, security and confidentiality risk, technological development risk, IT disruptions, maintenance of client relationships, and litigation risk.  No assurance can be given that any of the events anticipated by such statements will occur or, if they do occur, what benefit IOU will derive from them.  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.  Additional information concerning these and other factors can be found beginning on page 19 under the heading "Risks and Uncertainties" in IOU's management's discussion and analysis dated August 25, 2021, which is available under IOU's profile on SEDAR at

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.

Cision View original content:

SOURCE IOU Financial Inc.

Copyright CNW Group 2021

Comment On!

Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to (via Easy Blurb).