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.