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- RBR Group (RBR) secures $320,000 in new funding from South African based private entity, Tennant Group
- The board of RBR Group entered a convertible loan deed with Tennant Group which will see Tennant hand over $300,000, to convert to approximately 86 million shares in RBR
- Additionally, Tennant’s Managing Director, Stephen Tennant, has applied for a placement of RBR shares worth $20,000, equivalent to 5.7 million shares
- Meanwhile, RBR and Tennant have been discussing ways in which Tennant can assist with further financial support to strengthen the RBR capital base
- RBR Group last traded at 0.4 cents on September 28
RBR Group (RBR) has secured $320,000 in new funding from South African based private entity, Tennant Group.
The board of RBR Group entered a convertible loan deed with Tennant Group, which secured funding directly to RBR to grow existing service offerings in skills training and labour hire, payroll and financial services.
Under the terms of the deed, Tennant will pay $300,000, which will convert to approximately 86 million shares in RBR.
Additionally, Tennant’s Managing Director, Stephen Tennant, applied for a placement of RBR shares worth $20,000, equivalent to 5.7 million shares.
Meanwhile, RBR and Tennant have been discussing ways in which Tennant can assist with further financial support to strengthen the RBR capital base.
Tennant identified Mozambique as a primary target market in Africa. With RBR already established in country, the parties envisaged the two groups will jointly promote their service offerings into Mozambique supported by RBR Group operating entities Futuro Skills, Futuro Business and Futuro People.
RBR group Executive Chair Ian Macpherson said the company is excited about the opportunity to work more closely with Tennant Group in expanding its business and service offering both in Africa and Australia.
“The operating synergies of our companies and the financial strength and reputation of Tennant clearly provides for accelerated growth and success of RBR Group,” Mr Macpherson said.
RBR Group last traded at 0.4 cents on September 28.
