NEXTED GROUP LIMITED — Capital/Financing Update 2018

Apr 12, 2018

13 April 2018

Australian Securities Exchange Limited Via e-lodgement ASX Code ICT

Issue of New Convertible Notes to replace existing Convertible Note

iCollege Ltd (“ICT” or “the Company”) (ASX: ICT) confirms that it has today issued 50 new Convertible Notes (“Notes”) with a face value totalling $500,000 to a sophisticated investor.

The new convertible notes have the following terms:

	Issuepriceper note	$10,000
	MaturityDate	12 months from issue date
	Interest Rate	10% per annum and will accrue daily until the conversion completion date or theredemption date
	Conversion Price	$0.03
	Conversion terms	the Notes may be converted at the election of the noteholder following the provisionof a conversion election notice by the noteholder, which must be received by thecompany in the period:oCommencing 12 months following the issue date; andoEnding on the final conversion date (12 months and 1 day after issue date).oThe note shall convert into Ordinary Fully Paid Shares at the discretion ofthe noteholder, subject to the company obtaining the approval pursuant tothe Company obtaining all necessary shareholder and regulatory approvals.The note converts on the date the companyobtains the approval.
	Redemption terms	the Company can redeem the Notes at its election at the following times:oOn the first business day following the date that is 3 months from the Issuedate, where the Notes have not previously Converted; oroAt any time between:�The first business day following the date that is 6 months from theissue date; and�The final redemption date, where the notes have not previouslybeen converted.�In any event the notes have not previously been converted; thecompanymust redeem the notes on the final redemption date.
	Security	The convertible notes are unsecured

Funds raised from the issue of the Convertible Notes have been utilised to redeem in full, an existing Convertible Note with a face value of $500,000 that was first issued by the Company on 21 December 2016, having had an initial maturity term of 12 months, it has since been rolled over where maturity was at the discretion of the Note holder.

Further details of the convertible note agreement will be detailed in a notice of meeting seeking shareholder approval in accordance with ASX LR 7.1 for the conversion of the notes to shares, in the event that the noteholder elects to convert.

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For further Information:

Mr. Ashish Katta –

Managing Director iCollege Limited +61 8 9466 9008 ash.katta@icollege.edu.au

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