Proactive Investors - Run By Investors For Investors

Peppermint Innovation’s shares surge on raising $1M at a premium

The funds will support the rollout of Peppermint’s mobile banking platform in the Philippines.
Peppermint Innovation’s shares surge on raising $1M at a premium
The placement is expected to underpin the next stage of growth for the company

Peppermint Innovation Ltd (ASX:PIL) has executed a strategic placement of shares worth $1 million at $0.02 each with Smidge Digital Unit Trust, a group containing significant influencers in the Asian markets.

The company’s shares were last trading 60% higher intra-day, at $0.016, after securing the investment at a significant premium over its recently traded share price.

Importantly, the placement agreement includes an option to place a further $1 million at a 25% premium to the 5-day volume weighted average share price within 60 days from the first placement.

The funds will be used for working capital and in particular to support the rollout of Peppermint’s mobile platform to the unbanked in the Philippines.

Peppermint’s mobile banking, payments and remittance technology are designed for banks, mobile money operators, money transfer and funds remittance companies and payment processors.

The company currently operates the Peppermint Platform in the Philippines.

Its MyWeps app is expected to allow the large unbanked Filipino population to pay bills and transfer funds by providing cash to a mobile agent armed with a mobile phone and the MyWeps App.

A pilot was started in May 2017 and is expected to provide insights into how agents adopt and promote the use of this service to their customers.

Significantly, the latest investment by a strategic partner with an intrinsic understanding of the fintech sector is expected to underpin the next stage of growth for Peppermint.

View full PIL profile View Profile

Peppermint Innovation Ltd Timeline

Related Articles

electric vehicle charging
May 13 2019
The junior company's RecycLiCo patented process represents a breakthrough in the recycling of lithium-ion batteries by providing high extraction of cathode materials such as lithium, cobalt, nickel and manganese at battery-grade purity
A soccer goal keeper
July 09 2019
The Toronto-based company currently makes a 100% of its revenues from Italy
Greenhouse full  of plants
February 02 2019
The global marijuana market is projected to reach an eye-watering US$58.90 billion between 2018 and 2023

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use