Investor News
BuildingIQ Non-Renounceable Entitlement Offer Closes Significantly Oversubscribed
January 24, 2018
The Directors of BuildingIQ, Inc. (ASX: BIQ) are pleased to advise that the partially underwritten non-renounceable Entitlement Offer, announced on 15 December 2017 to raise approximately $3.8 million, closed on Friday, 19 January 2018 significantly oversubscribed.
The non-renounceable entitlement offer forms part of a capital raising of $6.5m which will be used to fund the Company's growing sales pipeline, services development and to provide additional working capital.
"We are delighted with the overwhelming support for the capital raise," BuildingIQ's President & CEO, Michael Nark said. "The Company received substantial oversubscriptions for both the entitlement offer to existing holders and the institutional placement to new investors, which meant both had to be scaled back. Also, a significant majority of securityholders voted in favour of the raise. It is great to see such strong support for BuildingIQ."
Entitlement Offer
The Company gives notice that it received valid applications under the Offer for 118,284,726 New CDIs amounting to $5,322,813. This comprised applications for:
Due to the oversubscription for Additional New CDIs under the Top Up Facility, in accordance with the terms of the Offer, the applications for Additional New CDIs have been scaled back.
Refunds for the unallocated portion of applications for Additional New CDIs under the Top Up Facility will be paid no later than 30 January 2018. The allotment and issue of New CDIs is expected to take place on Thursday, 25 January 2018. Normal trading for New CDIs will commence on Monday, 29 January 2018 and holding statements in respect of New CDIs are expected to be despatched on Tuesday, 30 January 2018.
It is the responsibility of Eligible Securityholders who applied for New CDIs under the Offer to determine their final allocation prior to any trading in the New CDIs.
Meeting Approval
As announced earlier today, the Company obtained stockholder approval at its Special Meeting of Stockholders for the issue of 47,520,254 New CDIs under an Institutional Placement to raise $2,138,411 as announced on 15 December 2017. Together with the proceeds of the Entitlement Offer above, and the Existing Securityholder Placement to raise $568,903 completed on 22 December 2017, the total capital raised by the Company is $6.5m.
Ends.
For further information contact:
Christine Bowen
communicaterelate
Ph.: +61 414 861 629
E: christine@communicaterelate.com.au
About BuildingIQ
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 with none of the drawbacks. Over 80M square feet of building space is currently under management with BuildingIQ.
Investors in BuildingIQ include the Venture Capital unit of Siemens Financial Services, Paladin Capital and Exto Partners.
