BuildingIQ (ASX: BIQ) Announces Completion of Placement and Security Purchase Plan to Support Greenfield Business Growth
27 August 2019
BuildingIQ Inc. (ASX: BIQ), a tech-enabled services business, today announced it is offering eligible CDI holders the opportunity to participate in a Security Purchase Plan (SPP, or the Offer) following the successful completion of a Private Placement to raise $2.15 million in two tranches over the last 4 months (ASX announcements: 30 April 2019 and 25 June 2019) (Placement).
The Company has received a total of $985,000 under Tranche 2 of the Placement and will issue a total of 27,060,468 CDIs to sophisticated and professional investors on or around 28 August 2019 at an issue price of $0.364. The issue of 2,060,440 CDIs (for a total of $75,000) to a director under the Placement is subject to stockholder approval.
The SPP provides any eligible BuildingIQ stockholder with the opportunity to participate in the Company's capital raising program at the same issue price as paid by investors under Tranche 2 of the Placement. The proceeds of the funds raised through the Placement and the SPP will be used to support BuildingIQ’s greenfield business growth and working capital requirements.Security Purchase Plan
The Company is offering existing holders of CDIs with registered addresses in Australia or New Zealand the opportunity to subscribe for up to approximately A$15,000 or up to approximately 412,088 CDIs under the SPP without incurring any transaction costs.
The issue price under the SPP is A$0.0364 per CDI, being the same price as that paid by investors under Tranche 2 of the Placement.
The record date for the SPP is 7pm (Sydney time), Monday 26 August 2019. Full details of the SPP will be released to the ASX and mailed to eligible CDI holders shortly.
The new CDIs issued under the SPP will rank equally in all respects with CDIs on issue at the time of allotment.
The issue of CDIs under the SPP and Placement have not been underwritten. No broker fees or commissions have been or will be incurred for the capital raise although the Company will incur listing fees and external legal fees.
For further information contact:
Ph. +61 2 9360 0602
Ph.: +61 414 861 629
BuildingIQ (ASX: BIQ) helps building owners and operators worldwide lower energy use, increase building operations efficiency and enhance tenant comfort. The Company’s 5i cloud-based platform and Managed Services deliver on the promise of Internet of Things (IoT) for buildings. Approximately 140M square feet of building space is currently under management with BuildingIQ.www.buildingIQ.com
Foreign Ownership Restrictions
BuildingIQ’s CHESS Depositary Interests (CDIs) are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers or sales which are made outside the US. Accordingly, the CDIs have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. The holders of BuildingIQ’s CDIs are unable to sell the CDIs into the US or to a US person unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a ‘FOR US’ designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.