Xped Limited announced that it has entered into a convertible note deed to raise AUD 200,000 on February 9, 2021. The convertible notes are unsecured, non-voting, and accrue interest at 8% per annum payable at the end of each 6 months period commencing from 30 June, 2021. The notes can convert into shares in the company at a conversion price of AUD 0.001 per share within 12 months from the date of the receipt of the subscription amount, provided that the company has the legal capacity to issue the shares under the conversion and the voting power of the holder will not exceed 19.99%.

The maturity date is 12 months after receipt of the subscription amount. The holder's right to convert the notes into shares is subject to approval by the company's shareholders, which will be sought by the company at a general meeting. The company must redeem the convertible note and pay all moneys owing under the convertible note on the maturity date, unless previously converted.

Issue date is within 5 days of receiving the subscription amount. The notes will not carry a right to vote at meetings of the company prior to any conversion of the notes into shares, nor will it carry any entitlement to participate in future issues of securities by the company.