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Rent.com.au (ASX:RNT) to raise $2.9M for RentPay app
  • Leading rental property website, Rent.com.au (RNT), will raise nearly $3 million through a fully underwritten rights issue
  • This money will go towards further developing the company's "RentPay" app which essentially provides convenience for a tenant paying rent
  • The raise has received support by directors and other major shareholders in the rent company
  • Rent's shares remain flat and are trading for 5 cents each

Australia's leading rental property website, Rent.com.au (RNT), will raise $2.9 million through a fully underwritten rights issue.

Rent has secured the underwriting agreement with Pinnacle Corporate Finance to raise a total of $2,910,802. This money will go towards further developing the company's "RentPay", its tenancy period product.

The raise will include a non-renounceable, pro-rate rights issue on a one-for-five basis held at the record date of up to 58,216,041 new fully paid ordinary at $0.05 cents each.

The raise has received support from Directors who have entered into agreements with Pinnacle to act as priority sub-underwriters for $125,000 of the rights issue.

Further details on the rights issue and agreement will be released on February 10.

Rent's RentPay app is designed to help tenants pay their rent wherever they are. It also allows users to track payments, view their rental history and set up reminders.

"With our existing RENT core business approaching break-even, the capital raising ensures we build on the strong progress being made with the development of our next generation RentPay product," CEO Greg Bader said.

Rent's other products include "rentconnect" which is a utility connection service that ensures electricity and water are good to go before the renter moves in, "rentbond" which helps renters finance their bond online, and the "rentcheck" offering which is an easy way for renters to verify themselves and check for any reported breaches before applying for housing.

Rent's shares remain flat and are trading for 5 cents each at 12:59 pm AEDT.


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