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BuildingIQ will undertake a private placement of Depositary Interests from sophisticated and professional investors to raise $1.65 million. 

This placement will be used to provide certainty in working capital as the company aims towards the goal of achieving a positive cash flow. 

BuildingIQ builds services and solutions based on technologies such as data analytics, modelling and technology-enabled managed services. It also aims to reduce energy use and increase building operation efficiency and comfort in its buildings.

The company’s 5i platform learns and evolves with the needs of the building. Users deploy the program to engage with BuildingIQ while giving them the opportunity to select the services which will solve the problems.

The technology was originally developed by CSIRO and customers include a range of property owners, real estate funds, corporations and government organisations.

Issues of these shares will occur in two phases with a 20 per cent discount to the weighted average for a period of 15 days. 

The first phase will raise $880,000 and will contain 24,858,758 CDIs at a price of $0.0354 with 23,728,814 of those shares to be issued around 1 May. The remaining 1,129,944 will be issued following shareholder approval.

Phase two will begin on 31 August and will raise $770,000 shares with the issue of $35,000 worth of CDIs being subject to shareholder approval.

Please find the announcement here

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