May 1 (Reuters) - Iou Financial Inc IOU.V :
* IOU Financial announces private placement of up to $3.5 million
* IOU Financial Inc- intends to complete a private placement of up to 17.5 million common shares of company at a price of $0.20 per offered share
* IOU Financial Inc- up to $1.5 million of offering will brokered by Haywood Securities Inc, remaining portion of offering will be non-brokered
* IOU Financial-net proceeds of offering will be used primarily by co to finance small business loans in co's target markets of United States and Canada Source text for Eikon: ID:nCNWfMTLya Further company coverage: IOU.V