Redflow Limited (ASX: RFX) is pleased to announce that it has raised an additional $1,605,000 through the placement of 64,200,000 new ordinary shares (New Shares) at $0.025 (2.5 cents) to new institutional and sophisticated investors. The New Shares comprise part of the shortfall underthe Company’s Entitlement Offer (Shortfall Placement).
Redflow has now received over $6.9 million via its Entitlement Offer and two Shortfall Placements, exceeding its original target of raising at least $6.25 million.
Commenting on the success of the Entitlement Offer and Shortfall Placements, Redflow CEO andManaging Director, Tim Harris Said: “We are very pleased with the support we received fromexisting shareholders during the Entitlement Offer, as well as existing shareholders and new sophisticated and institutional investors via the Shortfall Placements, and welcome our new sophisticated and institutional shareholders onto the Redflow register.
“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. We remain focused on accelerating the development of our Gen3 Battery, with initial customer trials on track for late 2020. We are also well resourced to progress our customer and partner engagements in key markets,where we see a strong underlying demand for flow batteries.”
