Completion of $3,000,000 Placement
Melbourne, Aug 23, 2017 AEST (ABN Newswire) - Xped Limited (
ASX:XPE) ("Xped" or "the Company") wish to advise that the Company has completed a placement for 250,000,000 fully paid ordinary shares at an issue price of 1.2c per share to raise $3,000,000 (Placement Shares), utilising shareholder approval which was obtained on the 30th of May 2017, to issue future placement shares.
Xped will utilise these funds as working capital for the Company. This will include investment across our business, including our Smart Home and Consumer IoT Solutions, our Professional Healthcare Technology business, JCT Healthcare and our ADRC Commercial and Industrial IoT technology products.
The Company expects settlement and allotment of the Placement Shares will be completed this Friday 25th August 2017.
The Company utilised Armada Capital ("ACE") as lead manager for this placement, and as such the Company will pay the following fees in relation to the placement to ACE and/or its nominee:
- Lead Manager fee of 1% of funds raised
- Capital Raise fee of 5% of funds raised
In addition the following options will be allocated to ACE and/or its nominee:
- 25,000,000 unlisted XPEOD options (expire 18th January 2018, exercisable at 4c)
- 25,000,000 unlisted XPEOC options (expire 31st December 2018, exercisable at 10c)
Further, the Company has agreed to issue to ACE and/or its nominee the following ordinary XPE shares upon certain milestones being reached:
- 5,000,000 fully paid ordinary XPE shares in the event the price of XPE shares trades for 5 consecutive days above A$0.04 within 12 months of the date of issue of the Placement Shares; and
- 5,000,000 fully paid ordinary XPE shares in the event the price of XPE shares trades for 5 consecutive days above A$0.06 within 12 months of the date of issue of the Placement Shares.
The issue of the Placement Shares and associated securities will not be subject to shareholder approval.
The Company would like to thank Armada Capital who acted as lead manager for this placement to investors.
About XPED Ltd
XPED Ltd (ASX:XPE) is an Australian Internet of Things (“IoT”) technology business. Xped has developed revolutionary and patent-protected technology that allows any consumer, regardless of their technical capability, to connect, monitor and control devices and appliances found in our everyday environment. Xped provides technology solutions for Smart Home, Smart Building, and Healthcare.
At Xped, we’re Making Technology Easy Again(TM)
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