This is the agreement reached with L1 Global (amendments to the...

This is the agreement reached with L1 Global (amendments to the CN)

The convertible note holder has formerly accepted Xped’s requests, and in addition has agreed to the following:
1. The holder has undertaken that it will not issue any further conversion notices in respect of the current convertible notes it holds until after April 1, 2017, which means that no new Xped shares will be issued to the holder for a period of at least 7 weeks commencing immediately;
2. The convertible note holder has undertaken that after 1 April 2017 it will not convert more than $350,000 of the current convertible notes it holds into Xped shares in any consecutive 30 day period, unless the Company agrees otherwise;
3. 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.
4. Xped will no longer be obliged, in any circumstance, to issue the 20 million collateral shares to the convertible note holder.

So expect payment of the $1 million after 15 August 2017.