BuildingIQ, Inc. (ASX:BIQ) announced that it has signed a Letter of Strategic Intent (LOI) with SNAPS Holdings Company to issue a combination of convertible promissory notes and 390,000,000 chess depositary interests at a price of AUD 0.010 per CDI for aggregate gross proceeds of AUD 5,900,000 on March 23, 2020. The company will issue convertible promissory notes in tranches for gross proceeds of AUD 424,780, AUD 475,220, AUD 100,000 and AUD 1,000,000 convertible into 23,598,914 CDIs, 26,401,086 CDIs, 10,000,000 CDIs and 100,000,000 CDIs at a price of AUD 0.018, AUD 0.018, AUD 0.010 and AUD 0.010 per CDI respectively. The promissory notes will mature on May 31, 2020 and is subject to interest at 6% per annum. The company will also issue 178,000,000 options to acquire additional CDIs, exercisable at a price of AUD 0.010 per CDI within 12 months from issuance. Post the transaction and the full exercise of the options, the investor will acquire 66.67% stake in the company. The transaction is subject to shareholder approval. The transaction is expected to close on May 31, 2020.