Peppermint secures strategic investment at a premium

Peppermint Innovation Ltd (ASX: PIL) announce a strategic placement agreement has been executed, for the investment of $1,000,000 at 2 cents per share via a placement of 50,000,000 shares in the Company, with an option to place a further $1,000,000 at a 25% premium to 5 day VWAP within 60 days from the first placement.

The placement agreement has been executed between the Company and Smidge Digital Unit Trust, an Australian special purpose investment vehicle that subscribes for minority positions in innovative fintech and enterprise data analytics companies.

Chris Kain, Managing Director & CEO comments: “This is a significant relationship with a strategic investor who has an intrinsic understanding of the Fintech sector and the value of, and opportunities for, the Peppermint technology platform. This is demonstrated by the willingness of Smidge to provide funding at a premium to current and future valuations. We welcome the knowledge and potential opportunities that Smidge, a group with significant relationships and networks in Asian markets, can introduce to Peppermint to underpin the next stage of growth for our Company”.

Andrew Smith, Trustee Director of Smidge Digital Unit Trust comments: “We’re extremely excited at the prospect of partnering with Peppermint and its innovative non-bank platform going forward. Our belief in the value of Peppermint is indicated by our agreement to provide $1,000,000 at 2 cents per share, and then to place a further $1,000,000 at a 25% premium to 5 day VWAP within 60 days after that first placement.”

“Smidge already has a strategic, long term investment in an enterprise data analytics company, which is another ‘ahead of the curve’ company, and this placement will compliment that investment perfectly. Our unit holders are significant influencers in many Asian markets, and will be offering the Company all the assistance they can to accelerate the Company’s growth”.