By Sheri Kasprzak
Atlanta, April 1 - Rentcash Inc. said it will raise C$24.65 million in a private placement.
The company plans to sell 1.7 million subscription receipts C$14.50 each.
The receipts are exchangeable for common shares on a one-for-one basis once it completes an acquisition in an industry in which the company is already involved. If the acquisition is not made within 60 days of the closing of the offering, Acumen Capital Finance Partners Ltd., the lead underwriter in a syndicate placing the deal, may automatically redeem the receipts.
The syndicate has an over-allotment option for up to 700,000 additional receipts.
The deal is expected to close April 21.
Based in Edmonton, Alta., Rentcash is a cash advance company. The proceeds from the offering will be used for an acquisition within the industry, even though there is no assurance the company will make such an acquisition.
| Issuer: | Rentcash Inc.
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| Issue: | Subscription receipts exchangeable for one share each
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| Amount: | C$24.65 million
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| Receipts: | 1.7 million
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| Greenshoe: | For up to 700,000 receipts
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| Price: | C$14.50
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| Warrants: | No
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| Underwriters: | Acumen Capital Finance Partners Ltd. (lead)
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| Pricing date: | April 1
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| Settlement date: | April 21
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| Stock price: | C$15.20 at close March 31
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