logo-loader
viewPeppermint Innovation Ltd

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.

1504490508_online-payment.jpg
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.

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