Redflow (ASX:RFX) substantial shareholder David Oakley has increased his interest in the company up to 8.03% from 7.42%.
Oakley and his interests acquired 1,971,905 shares through the company’s recent rights issue, which along with shares acquired in a previous rights issue and other means took his total holding up to 20,285,000 shares.
The recent placement and entitlement offer raised around $16 million.
Proceeds will fund:
- Funding a higher level of inventory;
- Placing demonstration systems of both individual batteries and containerised solutions in selected regions. These demonstration units will be available for immediate sale; and
- Investment in new machinery to facilitate higher volumes and reduce costs through automation of some key processes in manufacturing.
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