Inc announced it has closed the private placement financing
previously announced on August 9, 2004. The total financing was for 1,250,000
common shares at a price of $2.00 per common share and realized gross proceeds
Acumen Capital Finance
Partners Limited acted as agent in connection with the financing and
received a cash fee of 7% of the gross proceeds and received broker's warrants
entitling them to purchase 87,500 common shares at a price of $2.00 until August
The common shares issued in connection with the private placement as well as the
broker's warrants and underlying common shares are subject to a hold period
which expires December 26, 2004.
The Company intends to use the net proceeds of the financing for new store
expansion and working capital purposes.
Rentcash operates under two store banners: The Cash Store and Insta-rent. The
Company's overall store count stands at 159 stores, comprised of 116 Cash Stores
and 43 Insta-rent outlets. The Company employs over 500 people and has its head
office located in Edmonton, Alberta.
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