Peloton Capital arranged the placement to sophisticated investors with ASC Resources further subscribing for more shares.
Tax Refund Received
A tax refund of $196,658 has now been received by the company and together these funds will be used for continual working capital and further the progress of new and existing assets.
Joint Venture Agreement
As announced on 2nd December the company is working towards a Joint Venture Agreement (JVA) with Empire Energy Group Limited (ASX:EEG) and aims to finalise a working agreement by 31 December 2014.
On October 8, 2014 the company reported that it PT Sokoria Geothermal Indonesia (SGI), of which Raya owns 45%, signed a Power Purchase Agreement (PPA) with PT PLN (Persero).
Due to this PPA milestone being achieved, the company has received strong interest to progress this asset, and relevant due diligence
Presently discussion is incomplete and commercially sensitive at this stage, the company is hopeful of an outcome in early January.
The company continues to manage its cash carefully and plans to realise value for new and existing opportunities in the near future.
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)
Empire Energy Group Limited