logo-loader
viewPeppermint Innovation Ltd

Chrysalis Resources: Peppermint forms Philippines joint venture

au_philippines_358_560b624a1296c.jpg

Chrysalis Resources (ASX:CYS) has advised that Peppermint Innovation Limited has entered into a joint venture with a large agent network for its Remittance Platform and Peppermint Services in the Philippines.

Under the agreement, Peppermint has agreed to provide the Peppermint Remittance Platform and Peppermint Services to MyWepS International Inc. for the provision of products and services to its direct members, agents, business branches, other network partners and their respective members,

Part of this network is another party to the joint venture, 1Bro Global Inc., which operates 70,000 agents/members and 40 business centres across the Philippines.

At the present time the parties are working together on the installation of Peppermint services for pilot roll out of the MyWeps Remittance platform.

If successful, MyWeps shall proceed to commercial application of Peppermint services with Peppermint appointed as the exclusive provider.

The Philippines is the third largest international remittance receiving country worldwide with US$28 billion estimated from international inbound remittances in 2014.

Chrysalis is acquiring Peppermint for 350 million shares and 472.2 million performance shares that will vest on certain milestones.

The acquisition remains subject to the necessary shareholder and regulatory approvals, and satisfaction of the remaining conditions.

It is also raising up to $3.5 million through the placement of 175 million shares priced at $0.02 as part of the company’s proposed re-compliance with Chapters 1 and 2 of the ASX Listing Rule.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Peppermint Innovation Ltd

Price: - AUD

ASX:PIL
Market: ASX
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Peppermint Innovation Ltd named herein, including the promotion by the Company of Peppermint Innovation Ltd in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Peppermint Innovation targets Philippines "unbanked" market with Bizmoto brand

Today, we are joined in our Perth studio by Chris Kain, the managing director & CEO of Peppermint Innovation – which is:   A financial technology company with a commercially deployed platform in the Philippines, designed for banks, mobile money operators, remittance...

on 15/3/19

2 min read