(Alliance News) - RedT Energy PLC on Wednesday said it raised GBP155,231 through an open offer
The energy storage firm said it received valid acceptances from shareholders in respect of 7.1 million open offer shares as well as applications for a further 2.3 million shares under its excess application facility.
In March, RedT said it placed 479.4 million new shares at 1.65p raising GBP7.9 million, all from existing investors. It added that it would carry out an open offer to raise a further GBP6.3 million. In addition to proceeds realised from its placing in March, it has raised a total of GBP8.1 million in gross proceeds.
Separately, the company said that subject to shareholder approval it will change its name to Invinity Energy Systems PLC and the ordinary shares in the company will be consolidated at the rate of 1 consolidated share for every 50 ordinary shares.
In March, RedT confirmed its merger with Avalon Battery Corp - announced in July 2019 - would go ahead. The company said it will buy Avalon in an all-share deal which will see Avalon shareholders get 1.74 billion redT shares at 1.65 pence each, valuing Avalon at GBP28.6 million.
The combined company, which RedT said will be a "leading player" in the energy storage market, will be called Invinity Energy Systems.
RedT shares closed 3.9% lower at 0.98 pence each on Wednesday in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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