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.
Assuming the balance was done at the same price (0.045c) the number of shares to be issued under the 2nd tranche is 190,000,000. This would bring in a total of $1,170,000 pursuant to the subscription. This will meaningfully strengthen the capital structure and financial position of IOT.