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.
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