LONDON (Alliance News) - RedT Energy PLC on Monday said it has raised more than the minimum needed to complete its fundraising, having raised at least GBP1.5 million.
Shares in RedT were up 8.6% at 2.09 pence on Monday afternoon.
Applications have been made for 28.0 million open offer shares and raised at least GBP560,000 before expenses. Coupled with the GBP940,000 raised through its conditional placing, the energy storage company has surpassed its GBP1.5 million minimum to proceed with fundraising.
"With funding secured for the next few months, the strategic review process is continuing as planned and the company continues to engage in promising discussions with potential strategic partners regarding the support and finance of the company's continued growth," said RedT.
In March, RedT said it intended to raise GBP3.2 million in total through a 47.0 million share placing and 113.0 million open offer, both priced at 2 pence per share.
At that time, the company said it was looking to raise at least GBP1.5 million via a placing and open offer to fund business operations for the next four to six months.
In October, RedT began seeking strategic partners to help finance the business but, while it is in talks with interested parties, it has run out of time to finalise any discussions without running out of cash.
The fundraising is intended to allow RedT to assess its options for funding going forward.
