Tranche 1A and 1B were in play however with the Update on Convertible Notes announcement Tranch 1A can be bought back per a meeting vote.
Means we have Tranche 1B of $983,333 left and can't be used until next month now we have hit the 350K limit.
From what I understand Tranche 1A won't be used unless company decides not to re-purchase.
"Tranches 1A and 1B of the convertible note facility were drawn down in January 2017.
Tranches 2 and 3 were available to be drawn down at Xped’s election, however, Xped has
formerly advised the current convertible note holder that it will not pursue draw downs on
tranches 2 and 3 of the convertible note facility and as such the balance of the facility is
cancelled."
"That subject to shareholder and all other approvals being obtained, Xped will agree
to the convertible note holder having a right to require, on and from 15 August 2017,
the early re-purchase by Xped of all or part of the amount outstanding in respect of
the Tranche 1A current convertible notes on issue to the maximum amount of $1
million (being the current face value of the Tranche 1A convertible note).
Shareholder approval must be obtained by 31 May 2017 and if it is not, the
undertaking given by the holder in paragraph 2 above will cease to apply. Xped will
seek such approval at a general meeting to be convened in due course."
