Amid a construction boom, BuildingIQ plans to use funds for its greenfield projects as it continues to reposition itself into new markets.
BuildingIQ (ASX:BIQ), a clean energy technology company announced that it has completed a AU$1.06 million private placement. Funds raised are slated to be used across its Greenfield projects.
As quoted in the press release:
The significant opportunities from Australia’s construction boom, which experts are predicting will continue for a number of years, is underpinning BuildingIQ’s growth. This growth is positive for the Company however, it requires funding.
The private placement follows BuildingIS’s indications to the market (ASX Announcement 27 August 2019: FY2019 Interim Results Presentation) of its intention to raise further capital this quarter specifically to support the financing needs of our Greenfield business growth.