Dundee Corporation Acquires Interest in IOU Financial Inc.
22 June 2011 - 1:47AM
Marketwired
In accordance with regulatory requirements, Dundee Corporation
(TSX: DC.A)(TSX: DC.PR.A)(TSX: DC.PR.B) ("Dundee") announced today
that it has acquired, pursuant to a private placement, 2,500,000
units (each a "Unit") of IOU Financial Inc. ("IOU Financial") at a
price of $0.40 per Unit. Each Unit is comprised of one Class B
common share in the capital of IOU Financial (each a "Share") and
one Class B common share purchase warrant ("Warrant"). Each Warrant
entitles the holder to purchase one Share at an exercise price of
$0.50 for a period of 12 months from the date of closing. This
holding represents an approximate 9.47% interest in IOU Financial
on an undiluted basis or an approximate 17.30% interest assuming
the conversion of all Warrants.
The position in IOU Financial was acquired for investment
purposes and may be increased or decreased in the future as
considered appropriate in light of investment criteria, market
conditions and other factors and in accordance with the provisions
of applicable securities legislation.
Contacts: Dundee Corporation Ned Goodman President and Chief
Executive Officer (416) 365-5665 Dundee Corporation Lucie Presot
Vice President and Chief Financial Officer (416) 365-5157
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