By Sheri Kasprzak
Atlanta, April 21 - Rentcash Inc. said it has closed its previously announced private placement for C$34.8 million.
The company sold 2.4 million subscription receipts at C$14.50 each. The total includes 700,000 receipts sold under an over-allotment option.
The receipts are exchangeable for common shares on a one-for-one basis once the company 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.
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$34.8 million
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| Receipts: | 2.4 million (includes greenshoe for 700,000)
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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 April 1
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| Stock price: | C$18.65 at close April 20
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