TIO Networks, which went public in 2000, recently issued a non-brokered private placement of up to 2.1 million common shares. Each share is priced at $0.82 USD ($1.08 CAD), and gross proceeds will total up to $1.7 million USD ($2.2 million CAD).
The Vancouver-based company did not disclose much about how it plans to use the proceeds, other than for “general working capital purposes.”
TIO Networks’ cloud-based bill payment processing solution enables bill issuers to provide payment services for their underbanked customers. Earlier this summer the company acquired Softgate Systems, a consumer bill payment solutions provider, for $31 million USD.
At FinovateSpring 2012, the company debuted TIO MobilePay, a mobile app that enables customers to make same day payments for their utility bills with their Visa or MasterCard credit/debit card.