RedFlow raises $16.7M with large investor appetite

RedFlow (ASX:RFX) has received strong shareholder support in raising $7 million in an oversubscribed pro-rata non-renounceable entitlement offer.

The company accepted some oversubscriptions as the initial plan was to raise $6.4 million.

The raising was priced at $0.20 and also comprised a A$9.7 million placement, for a total raise of around $16.7 million.

Shares last traded a $0.23, a premium to the offer.

RedFlow produces a unique modular zinc-bromide flow battery which provides cost effective, safe energy utilisation and storage.

Making sales is the company’s prime focus for 2015… read more