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Redflow fall $6.6M short in funding for latest expansion
Redflow CEO Tim Harris Image Sourced Redflow Limited
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  • Redflow (RFX) is set to pocket $9.6 million from investors, who took up just over half of the shares available via the company's recent entitlement offer
  • Redflow was only able to entice investors to take up 56 per cent of the shares available under the offer
  • Each shareholder is set to receive an attaching option exercisable at $0.10 apiece
  • Redflow shares closed today's session in the grey at 5.6 cents

Redflow (RFX) is set to pocket $9.6 million from investors, who took up just over half of the shares available via the company's recent entitlement offer.

The offer closed to investors last Friday after receiving acceptances for 164,297,527 new fully paid ordinary shares, with each holder set to receive one attaching option.

The options are valid under 30 July 2022 and exercisable at $0.10 apiece.

A total of 56 per cent of shares available under the offer were taken up.

According to Redflow, proceeds from the raise are set to fund business development, support infrastructure, research and development activities and working capital.

Redflow said the funds will also go towards investments and activities to accelerate growth in US markets.

Redflow Managing Director & CEO Tim Harris commented on the raise.

"Redflow is in a very strong position to execute on the significant growth opportunities we see ahead," he said.

"Since our prior raising in June 2020, we have executed on our strategic objectives and achieved several important milestones, including entering the huge Californian energy storage market by signing our largest global battery sale to Anaergia."

Redflow shares closed today's session in the grey at 5.6 cents.

RFX by the numbers
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