IOT Groy Liup Limited (ASX:IOT) announced a private placement of 260,000,000 shares at a price of AUD 0.0045 per share for gross proceeds of AUD 1,170,000 from existing investor Talk To Geoffrey Ptmited on May 10, 2018. The transaction will be completed in two tranches. The company will issue 70,000,000 shares for proceeds of AUD 315,000 in its first tranche and 190,000,000 shares for proceeds of AUD 855,000 in its second tranche closing. Post closing, Talk To Geoffrey Pty Limited stake in the company increases from 2% to 19.5%. The second tranche is subject to approval from shareholders of the company.