- Philippino fintech Peppermint Innovation (PIL) has secured firm commitments to raise $500,000 and continue expanding its operations in the Philippines
- The company will 50 million shares at one cent each, along with 35 million options to sophisticated investors under its current placement capacity
- Additionally, at the upcoming general meeting, Peppermint will ask its shareholders for approval to issue a further 15 million options
- These funds should be settled within three days of Peppermint releasing its 2020 annual report
- The company has been suspended on the Australian Stock Exchange since last year and aims to seek re-quotation after releasing its 2020 annual report
- Peppermint wants to release its December 2019 half-year report and the 2020 annual report next week
- On the market, Peppermint last traded for 1.1 cents in November 2019
Peppermint Innovation (PIL) has secured firm commitments to raise $500,000 and continue expanding its operations in the Philippines.
Sophisticated investments have subscribed for 50 million shares at one cent each, while the company also intends to issue 35 million unlisted options under its placement capacity. At the upcoming general meeting, Peppermint will ask its shareholders to issue a further 15 million options.
These funds should be settled within three days of Peppermint releasing its 2020 annual report.
The company has been suspended on the Australian Stock Exchange (ASX) since last year due to the “disclaimed audit opinion” on the company’s 2019 audited financial report.
Once it lodges its 2020 financial report, Peppermint will seek re-quotation on the ASX.
Notably, Peppermint is aiming to release its December 2019 half-year report and the 2020 annual report next week.
Managing Director and CEO Chris Kain is encouraged by the strong level of support the company has received.
“The support of these groups paves the way for Peppermint to complete and lodge our 2020 annual report with an unqualified audit opinion, thereby allowing us to seek re-quotation on the ASX post-compliance with all of the necessary ASX listing rules,” he said.
“Peppermint’s focus has always been to build and grow our micro-enterprise mobile platform to deliver social good and financial inclusion to the people of the Philippines and to create prosperity for all stakeholders and shareholders,” he added.
On the market, Peppermint last traded for 1.1 cents in November 2019.