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Redflow Limited (ASX: RFX), a global leader in clean energy storage, is pleased to announce the successful completion of its recent 1-for-2 pro-rata non-renounceable Entitlement Offer. The offer closed at 5:00 PM (Sydney time) on Tuesday, 28 May 2024, raising a total of AU$3,123,909 (before costs).
Strong Shareholder Participation
The Entitlement Offer received substantial support from existing shareholders, with acceptances and oversubscriptions totaling 27,164,429 new fully paid ordinary shares (New Shares). This represents approximately 23% of the total entitlements available for subscription.
Issuance of Attaching Options1
In line with the terms of the Entitlement Offer, one Attaching Option was allocated for every two New Shares allotted. These options, which expire on 5 April, 2026, and are exercisable at AU$0.20 per option, will total 13,582,076.
Financial Position
As of 30 May 2024, Redflow’s cash position stands at AU$11.78 million (before costs) with no debt. This strong financial footing enables the company to pursue its strategic initiatives effectively.
Utilisation of Funds
The funds raised from the Entitlement Offer will be strategically deployed to support several key areas:
- Announced Projects: Financing activities associated with previously announced projects.
- Engineering Developments: Advancing key engineering developments to enhance product offerings.
- Manufacturing Scale-Up: Scaling up the manufacturing facility in Thailand to meet increasing demand.
- Pipeline Conversion: Converting pipeline opportunities into tangible projects.
- Government Engagement: Ongoing discussions with government agencies to secure further non-dilutive funding.
Positive Outlook
This successful fundraising marks a significant milestone for Redflow Limited, bolstering its financial position and enabling it to continue its leadership in the clean energy storage sector. The company remains committed to driving innovation, expanding its market presence, and delivering sustainable energy solutions globally.
RFX shares jumped 5% to trade at AU$0.105 apiece at the time of writing on 31 May 2024.
