Xped Limited (ASX:XPE) announced that it has entered into a convertible note deeds for gross proceeds of AUD 1,250,000 on May 12, 2020. The notes will bear an interest rate of 8% per annum. Interests is payable semi-annually commencing from 30 June 2020. The repayment date is 12 months from the date of the issuance of the note. The note will be converted at a conversion price of AUD 0.001 per share, subject to shareholder approval at the next extraordinary general meeting. The transaction will include participation from existing investor Teko International Limited for AUD 625,000 and the remaining AUD 625,000 with an unrelated sophisticated investor. The company has received commitments to subscribe for a further AUD 100,000 on the same terms. The company shall pay 5% of the first closing amount of AUD 31,250 to Note holder by issuing 31,250,000 shares and Within 5 days of first closing, the company shall pay 5% of the first closing amount of AUD 19,531.25 by issuing 19,531,250 shares to the noteholder; and within 5 days of second closing, the company shall pay AUD 11,718.75 representing 5% of the second closing amount, by issuing 11,718,750 shares to the note holder.