North Mill Equipment Finance, LLC submitted a proposal to acquire IOU Financial Inc. (TSXV:IOU) for CAD 29.5 million on July 24, 2023. North Mill Equipment Finance offered to acquire all common shares of IOU at a price per share of CAD 0.28. As of August 9, 2023, IOU Financial delivered a notice to North Mill Equipment that the proposal does not constitute a "Superior Proposal" under the Arrangement Agreement entered into between IOU and 9494-3677 Québec Inc. on July 13, 2023.

The offer is not subject to any financing contingency or due diligence or access condition. The transaction consideration will be funded by cash on hand and/or additional committed capital from InterVest. Oaklins Eastern Canada Inc. is the financial advisor to North Mill and HBH Strategic Advisor is the legal advisor to North Mill.