Capital Raising

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The ASX-listed Rent.com.au have successfully raised $1.5 million in their recent capital raise.
Shares were issued at 4.5c per share, 22 per cent less than their current 5.8c share price.
Lazarus Corporate Finance was the lead manager of the placement, which saw over 33 million new fully paid ordinary shares.
Rent.com.au advised the funding, raised from both existing and new investors, will help market and launch RentPay, their flagship "tenancy period" product.
Rent.com.au's chief executive Greg Bader said he is pleased with how smoothly the placement was undertaken.
"[We] look forward to updating both existing and new shareholders on progress of this next phase of the company’s growth via RentPay", Bader said.
Rent Pay allows tenants to make and track payments, view rental history and set-up reminders.
 
 
 
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jrobinson-rf4aSBido9

Rent.com.au complete $1.5 million capital raise

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The Agency have secured $5.6 million in funding, with Sydney-based boutique investment group Magnolia Capital becoming a substantial shareholder.
Magnolia Capital now have up to an 18 percent holding in The Agency, with their director Mitchell Atkins to join The Agency board as a non-executive director.
Honan Insurance Group were another to invest. They have entered a strategic relationship with The Agency.
The $5.6 million raised comes in the form of $1.1 million in placement and $4.5 million through entitlement offers.
The Agency's current $5.8 million debt will be converted into equity, reducing the total debt position by 27%.
Some $2.2 million of the funds raised have been allocated to fund further growth and acquisition initiatives.
The funds raised will be used to strengthen the company's balance sheet, with a further $1.7 million to repay existing loans and $1.1 million allocated for working capital.
The SMH reported The Agency's Top Level entity still had an obligation to pay $12.5 million to its lenders, Macquarie Group.
The report noted Macquarie agreed to extend the deadline to repay the $12.5 million.
 
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