IOUpay (ASX:IOU) Secures Binding Commitments for $10.01 Million Placement

November 09, 2020 12:20 PM AEDT
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On 9 November 2020, fintech solutions provider IOUpay Limited (ASX:IOU) announced raising A$10,055,300 through two tranches of private placements, supported by new and existing investors.

Tranche 1 raised A$3 million and Tranche 2 raised A$7.01 million. The shares have been offered at A$0.16 per share when combining both the tranches.

The company issued a total placement of 62,845,625 ordinary shares comprising 20,408,163 and 42,437,462 via Tranche 1 and Tranche 2, respectively.

Proceeds from the funds will be used for working capital purposes and expediting new product development.

On 9 November 2020, IOU traded at A$0.202 per share at 11:20 AM AEST, with a market capitalisation of A$71.87 million.

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