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Owner of specialist blockchain enterprise ups its stake in IOT Group | Finfeed.com
After emerging from a trading halt this morning, The IOT Group (ASX:IOT) announced that long term major shareholder, Talk to Geoffrey Pty Limited (TTG), has conditionally agreed to increase its stake in IOT Group from approximately 2% to 19.5%.
TTG agreed to subscribe for shares in IOT in two tranches. The first tranche is for 70,000,000 shares at a subscription price of $0.0045 per share to raise $315,000 and is expected to days place in a matter of days. IOT last closed at $0.004 on May 8.
The second tranche, subject to IOT shareholder approval, is for the balance required to take TTG to 19.5% of IOT’s issued capital. Tranche 2 subscription price is equal to the 14 day VWAP per share prior to the subscription date.
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