Discount car rental company to use funds to implement business plan
By Toni Weeks
San Diego, Oct. 26 - Arrow Cars International Inc. said it plans to raise $5 million in a registered direct offering of common shares, according to an S-1 filing with the Securities and Exchange Commission.
The company will sell a maximum of 12.5 million common shares at $0.40 each on a self-underwritten, best-efforts basis.
The offer is contingent on 2.5 million shares being sold in 180 days. The private company said it intends to have its shares listed on the Over-The-Counter Bulletin Board if the minimum number of shares is sold.
Proceeds will be used for the implementation of the company's business plan, working capital and offering expenses.
Malaga, Spain-based Arrow Cars International recently acquired Arrow Cars, SL, a discount car rental company in Spain.
| Issuer: | Arrow Cars International Inc.
|
| Issue: | Common shares
|
| Amount: | $5 million
|
| Shares: | 2.5 million (minimum), 12.5 million (maximum)
|
| Price: | $0.40
|
| Warrants: | No
|
| Agent: | Non-brokered
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| Pricing date: | Oct. 26
|
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