Oct 12 (Reuters) - Iot Group IOT.AX -
* IOT signed a term sheet to create a strategic partnership
* Acquisition paid for in IOT scrip progressively commencing at a 7.5 cent per share floor price through to 15 cents per share
* Will commit US$1 million via a convertible note in tranches Source text for Eikon: ID:nASX2MpgFQ Further company coverage: IOT.AX