Australian company also announces a A$4 million share purchase plan
By Devika Patel
Knoxville, Tenn., Aug. 17 - RedFlow Ltd. said it arranged a A$12 million private placement of shares.
The company will sell 12 million shares at A$1.00 per share. The per-share price represents a 9.09% discount to the A$1.10 closing share price on Aug. 16.
RBS Morgans Corporate Ltd. and Ord Minnett Ltd. are the managers.
Settlement of the A$10.25 million first tranche is expected Aug. 22.
Proceeds will be used to accelerate the introduction of the large scale outsourced manufacture of the company's core zinc-bromine battery modules, support the company's product roll-out in selected markets and provide additional working capital as the company's sales grow.
The company said it also may raise an additional A$4 million through a share purchase plan.
The Brisbane, Australia, company develops battery module and energy storage systems.
| Issuer: | RedFlow Ltd.
|
| Issue: | Shares
|
| Amount: | A$12 million
|
| Shares: | 12 million
|
| Price: | A$1.00
|
| Warrants: | No
|
| Managers: | RBS Morgans Corporate Ltd. and Ord Minnett Ltd.
|
| Pricing date: | Aug. 17
|
| Settlement date: | Aug. 22 (for A$10,245,702)
|
| Stock symbol: | Australia: RFX
|
| Stock price: | A$1.075 at close Aug. 17
|
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