Redflow Limited (ASX:RFX) non-executive director Simon Hackett has increased his indirect interest in the company by 17,222,515 shares through participation in its recent $9.7 million share placement.
The share placement was part of a broader $16.1 million capital raising.
Interests associated with Hackett paid $3.4 million for the shares priced at $0.20 each.
Hackett and his interests now hold 41,218,705 shares. He also has a direct interest in 1,001,709 shares.
He had led a consortium to invest $2.2 million in the company in May 2014.
Redflow is currently undertaking a fully underwritten 1 for 9 non-renounceable entitlement offer to raise $6.4 million.
Proceeds will be used to fund a higher level of inventory, placing demonstration systems of both individual batteries and containerised solutions in selected regions as well as investment in new machinery to facilitate higher volumes and reduce costs.
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