Peppermint Innovations (ASX: PIL) completes $1 million raise with Smidge Digital Unit Trust

KEY TAKEAWAYS:

• Smidge Digital Unit Trust has become Australian-based Peppermint’s strategic investor and is currently involved in placement of AUD $1 million in two tranches, the first of which for amount AUD $300,000 has already been paid in April.
• To be able to fulfill the commitment of being able to pay the second tranche, Smidge has
  subscribed for 23,333,334 shares of Peppermint at the rate of 3 cents per share.
• Chris Kain, MD and CEO of Peppermint, acknowledged the support extended by Smidge to Peppermint’s business model and validated his claim by pointing out that the former had invested in the latter thrice in the past due to this reason.

Strategic investors have always proved to be an asset to any company that is engaged in developing technological innovation and Peppermint (ASX: PIL) is no exception to this rule. The company announced of plans to restructure its placement of $1 million with strategic investor Smidge Digital Unit Trust.

As per this arrangement, Peppermint will receive $1 million from Smidge in two tranches, of which the first tranche of AUD $300,000 was already made available in the month of April. Subsequently Smidge has currently subscribed for 23, 333, 334 shares of Peppermint at the rate of 3 cents for every share to be able to fulfill the commitment of paying the second tranche of $7,00,000.

Issuing of 23,333,334 shares of Peppermint to Smidge will serve to complete the placement of
AUD $1 million and this restructuring has occurred at a time when the company has launched its own mobile banking and money transfer network in Philippines. Peppermint operates another platform for online remittance, namely Bizmoto, and this would also be authorized to serve its Filipino customers with the same packages.

Chris Kain, Managing Director of Peppermint, emphasized that Smidge had time and again
demonstrated faith in Peppermint’s business operations and objectives and to this effect had also invested in the company on three occasions in the past. He acknowledged the strong support
provided by the strategic investor and hoped that the partnership would open up new opportunities for Peppermint in the Asian markets.

About Peppermint Innovation Ltd (ASX: PIL)

Peppermint Innovation Limited operates an established mobile phone based banking, payments and remittance platform in the Philippines.

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