Peppermint advises commitments for $4 million placement
Peppermint Innovation has advised it has firm commitments for $4 million in a placement to sophisticated and professional investors.
The placement was at A$0.02 per share with one attaching option – exercisable at A$0.03 on or before 30 June 2023 – for every three shares held.
Peppermint intends to seek quotation of the options, subject to meeting ASX requirements.
Peppermint will also conduct a bonus issue of options to all Australian and New Zealand registered shareholders to allow them to acquire shares at A$0.02 per share for which details will be provided in due course when the required prospectus is completed.
It is proposed that Peppermint will issue one option for every ten (10) shares held at the record date, exercisable at A$0.02 per share. Upon exercising these options, shareholders will receive a further option exercisable at A$0.03 per share expiring on 30 June 2023, to be listed on the ASX.
Peppermint’s Managing Director and CEO Chris Kain said, “The timing of this placement has worked out very well for the company as last night Peppermint received the official Notice of Eligibility to proceed to Stage 3 of our Electronic Money Issuer (EMI) application (the final stage of our EMI license application process) from the Central Bank of the Philippines (BSP).
“What this means is our request to the BSP, lodged via the Stage 2 EMI application process, to issue a ‘Letter of No Objection’ to register with the Securities and Exchange Commission (SEC) for authority to operate as an electronic money issuer (EMI) has now been granted.
“This progress is gratifying as investors have backed the company’s growth strategy, with commitments for this placement of $4 million quickly secured.
“We again welcome the support of Clee Capital as Lead Manager to this raise and were delighted to have a mix of existing and new sophisticated and professional investors take up the offer in just one day.
“Along with this funding we also wanted to reward our existing shareholders by offering them an opportunity to exercise an option to participate at the same price as the capital raise and then receive another option exercisable at A$0.03 per share expiring on 30 June 2023, to be listed on the ASX. Further details will be provided in due course when the required prospectus is completed in the next few weeks.
“Funds from this placement will be used to satisfy the SEC stipulated paid-up capital requirements of Php100 million (approx. A$3 million), a key criteria of Peppermint’s Stage 3 Electronic Money Issue (EMI) Licence application.
“Additionally, funds will also be used for the commercial roll-out of the bizmoPay loan service.
“After this capital raise, the company is well funded to continue along our exciting growth trajectory, consider new opportunities that may present and satisfy all associated working capital requirements.”