Traffic systems company Redflex
(ASX:RDF) has raised $16.4 million in an underwriter entitlement offer.
The proceeds along with existing cash reserves will be used by the company to invest in the development of its technology in new products and services.
The company said it has identified a solid global sales pipeline of potential opportunities which it is now in a better financial position to potentially pursue.
The company's retail entitlement offer which closed on 6 December had strong uptake, including applications for additional new shares.
Shares in Redflex
(ASX:RDF) closed 0.94 per cent lower to 53 cents.
