- Battery manufacturer Redflow (RFX) has finally completed its capital raise, walking away with $6.9 million in additional funds
- The company first announced it was raising equity back in June, seeking between $6.25 million to $22.9 million in extra cash
- The entitlement offer was extended for a period before two shortfall facilities were announced as well
- The latest shortfall placement saw investors buy up $1.6 million shares at 2.5 cents each
- Redflow plans to use the capital raise funds to accelerate the development of its Gen3 Battery
- Shares in RFX have ended the week trading down 6.67 per cent at 2.8 cents each
Redflow (RFX) has finally completed a capital raise announced five months ago, walking away with $6.9 million in additional funds.
The battery manufacturer first announced it would tap investors for extra capital back in June, seeking between $6.25 million and $22.9 million.
The company initially decided to extend the closing date of the entitlement offer, before announcing it was seeking to sell leftover shares via a shortfall placement.
It managed to raise around $415,000 via the first shortfall placement to give Redflow around $5.3 million in total raised capital.
In order to hit its goal of raising $6.25 million, RFX announced it would open a second shortfall placement in August — which has now closed.
This latest placement saw investors buy up $1.6 million in Redflow shares, priced at 2.5 cents each.
It also helped the company exceed its original capital raise target, something Redflow CEO and Managing Director Tim Harris said was very pleasing.
"Having now raised over $6.9 million, we have exceeded our initial entitlement offer target and are sufficiently funded to execute on our attractive growth strategy," Tim said.
The battery manufacturer has already flagged using the additional capital to accelerate its overall growth strategy.
Redflow also wants to invest more money into the development of its Gen3 Battery, with initial customer trials to begin by the end of this year.
Shares in RFX have ended the week trading down 6.67 per cent at 2.8 cents each.