Peppermint Innovation secures $2 million to grow bizmoto & seek requotation on the ASX

Peppermint Innovation Ltd (ASX: PIL) has signed a mandate with Clee Capital to raise $2 million from the issue of shares at $0.01 each.

Funds raised from the $2 million placement will be used to continue bizmoto’s targeted sales and marketing campaign and provide additional working capital to the Company.

Shareholders will be asked to consider and approve the $2 million placement at the Peppermint’s upcoming 2020 AGM.

As lead manager, Clee Capital will receive a fee of 6% of the total amount raised under the placement (up to $120,000), 20,000,000 options exercisable at 1.5 cents per share within 3 years of issue, 20,000,000 options exercisable at 2.5 cents per share within 3 years of issue, and will be paid a monthly fee of $5,000 for six months from the completion of the placement.

With this support Peppermint will seek re-quotation on ASX which is subject to the discretion of the ASX. 

Peppermint’s Managing Director and CEO Chris Kain said, “We welcome the support of Clee Capital who recognise that Peppermint is at an exciting stage of growth and want to be involved with us as we gain significant momentum.

“The support shown by our loyal and long-term shareholders, together with the interest shown by our new sophisticated investment networks, has allowed Peppermint to complete and lodge our 2020 Annual Report with an unqualified audit opinion, thereby allowing us to seek re-quotation on the ASX.

“Peppermint’s focus is to continue to build and grow our proven micro enterprise mobile technology platform to empower the next cohort of Filipino entrepreneurs to deliver social good and financial inclusion to the people of the Philippines and the attached use of funds table explains how we will apply the funds raised to do that.”