Rent-A-Wreck arranges private placement for up to C$1.4 million

By Sheri Kasprzak

New York, Aug. 15 - Rent-A-Wreck Capital Inc. said it plans to raise between C$500,000 and C$1.4 million in a private placement.

Though the offering was said to be an equity deal, no details of the private placement have been determined yet.

Spinnaker Ventures Ltd. is the placement agent.

The proceeds will be used to set up and operate Rent-A-Wreck locations owned by the corporation. The remainder will be used for franchisee recruiting programs and for general corporate purposes.

Based in Calgary, Alta., Rent-A-Wreck is a car rental and leasing company. On Monday, the company's stock closed unchanged at C$0.04.

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