The IOT Group Limited (ASX: IOT) has signed a binding term sheet (Term Sheet) to subscribe for 9,000,000 fully paid ordinary shares in capital of RUNA Pty Ltd (RUNA) (Runa Shares) at a deemed issue price of $0.20 per Runa Share, together with 1,500,000 free-attaching performance options exercisable at $0.25 on or before 30 December 2020 upon the satisfaction of certain performance milestones (Investment). Following the Investment, IOT will have a 25% interest in RUNA.
RUNA is a unique pick-up, purchase and delivery platform immediately connecting consumers to any store or service via independent Runas who collect, pay and deliver on-demand. RUNA is focused on meeting the growing consumer need for convenience and to create a lifestyle based brand and service.
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