- Peppermint Innovation (PIL) closes its placement to raise $5 million, following strong support from investors
- The placement saw investors subscribe for $0.02 per share with one attaching option, exercisable at $0.03 for every three shares held before June 30, 2023
- The funds raised are hoped to progress Peppermint’s electronic money issuer (EMI) licence application and commercial roll-out of bizmoPay loan service, along with advancing the commercial roll-out of bizmoPay micro-enterprise loans offering
- Following this, Peppermint says it will conduct a bonus issue of options, allowing shareholders to subscribe at $0.02 each
- Peppermint Innovation last traded at 2 cents on November 24
Peppermint Innovation (PIL) has closed its placement to raise $5 million, following strong support from investors.
The placement saw sophisticated and professional investors subscribe for $0.02 per share with one attaching option, exercisable at $0.03 for every three shares held before June 30, 2023.
The funds raised are hoped to progress Peppermint’s electronic money issuer (EMI) licence application and commercial roll-out of bizmoPay loan service.
Additionally, the cash will go towards advancing the commercial roll-out of bizmoPay micro-enterprise loans offering, with a target of issuing 1000 loans to our bizmoto agents over a three-month period.
Peppermint’s Managing Director and CEO, Chris Kain said the company was pleased with the level of support received for its latest capital raise.
“We deliberately chose to extend the settlement date due to additional significant demand received from institutional and sophisticated investors wanting to participate in this capital raise,” said Chris Kain.
“The timing of this placement has worked out very well for the company, as last week Peppermint received the official notice of eligibility to proceed to stage three of our electronic money issuer application from the Central Bank of the Philippines.
“The company looks forward to progressing through Stage 3, the final stage, of our EMI licence application as with an EMI licence in place any Filipino will be enabled to use the bizmoto platform to receive digital money and access digital services.”
Following this, Peppermint said it will conduct a bonus issue of options to all Australian and New Zealand registered shareholders, allowing them to acquire shares at $0.02 each.
Through this, Peppermint will issue one option for every ten shares held, exercisable at A$0.02 per share.
Upon exercising these options, shareholders will receive a further option exercisable at $0.03 per share, valid until 30 June 2023.
Peppermint Innovation last traded at 2 cents on November 24.