Redflow Limited has announced a pro-rata, non-renounceable entitlement offer to raise up to approximately $15 million (before offer costs) to fund its business plan and execute on its strategy to deliver sales.
As well as providing Redflow with working capital to be applied towards funding the Company’s disclosed business plan and objectives, Redflow intends to use the net proceeds of the equity raising to:
- invest in sales, business development, support infrastructure and general working capital activities;
- support cost down initiatives, product development and research activities;
- fund supply chain raw materials and finished goods inventory; and
- provide capital for the Company’s cost down projects and process optimisation opportunities.
The entitlement offer will open on Wednesday, April 24, and close on Friday, May 10. Details of the offer and associated documents were announced to the Australian Securities Commission and can be found on the ASX Announcements page of the Redflow website.