PEPPERMINT INNOVATION LIMITED — Capital/Financing Update 2021

Nov 24, 2021

ASX ANNOUNCEMENT 25 November 2021

Peppermint raises A$5 million in increased placement

Highlights

• A$5 million placed at 2 cents per share with strong support from sophisticated and professional investors

• Funds will progress Electronic Money Issuer (EMI) licence application and commercial roll-out of bizmoPay loan service

• Notice of Eligibility to proceed with Stage 3 of Electronic Money Issuer (EMI) License application received from Bangko Sentral Ng Pilipinas (BSP)

• EMI licence will allow any Filipino to use the bizmoto platform to receive digital money and access digital services

• Phase 1 commercial roll-out of bizmoPay underway

PERTH, AUSTRALIA, 25 NOVEMBER 2021: Peppermint Innovation Ltd ( ASX: PIL ) (“ Peppermint ” or “ the Company ”) is pleased to advise it has successfully closed its prospectus to raise a maximum A$5 million under an increased placement to sophisticated and professional investors.

As previously advised on 11 November 2021, the placement was at A$0.02 per share with one attaching option - exercisable at A$0.030 on or before 30 June 2023 - for every three shares held.

Peppermint intends to seek quotation of the options, subject to meeting ASX requirements.

The Company 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.

Subscribers to the placement in approved jurisdictions will be eligible for the Bonus Option Issue.

The Indicative timetable for the Bonus Options and Attaching Options is as follows:

Action	Date
Appendix 3B lodged at ASX	25 November 2021
Lodgement of Prospectus at ASIC and ASXLodgement of application at ASX for quotation ofAdditional Options	25 November 2021
Record Date for Bonus Options	1 December 2021
Allotment Date for Bonus OptionsLodgement of Appendix 2A at ASX for Bonus Options	2 December 2021
Expiry date of Bonus Options	22 December 2021
Closing Date*	22 December 2021
Last date for quotation of Additional Options (andlodgement of Appendix 2A at ASX for AdditionalOptions)	4 February 2021
Expiry date of Additional Options	30 June 2023

Clee Capital acted as Lead Manager for the placement and will be paid 2% of gross proceeds as a management fee, 4% of gross proceeds as a capital raising fee and 30 million options exercisable at $A0.03 per share expiring on 30 June 2023 (to be listed on the ASX).

Peppermint’s Managing Director and CEO Chris Kain said: "The Company is incredibly buoyed by the level of support that we have received for our latest capital raise from both existing shareholders and new investors.

"We deliberately chose to extend the settlement date due to additional significant demand received from institutional and sophisticated investors wanting to participate in this capital raise. I am pleased to confirm this support has resulted in our Company achieving the placement target of A$5 million, and we thank Clee Capital for their efforts in facilitating this.

"The timing of this placement has worked out very well for the Company as last week 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.

"The Company looks forward to progressing through Stage 3, the final stage, of our EMI licence application as with an EMI licence in place any Filipino will be enabled to use the bizmoto platform to receive digital money and access digital services.

"We are also advancing our commercial roll-out of our bizmoPay micro-enterprise loans offering with a target of issuing 1,000 loans to our bizmoto agents over a three-month period."

Ends

This ASX announcement has been approved by Peppermint Innovation Limited's Board of Directors and authorised for release.

For more information, please contact:

Chris Kain Managing Director & CEO Peppermint Innovation Limited E: info@pepltd.com.au

About Peppermint Innovation Ltd

Peppermint Innovation is an Australian company focused on the commercialisation and further development of the Peppermint Platform, a mobile banking, payments, delivery and logistics, ecommerce and finance technology to service the Philippines market – which was initially designed for banks, agents, associations and microfinance institutions. Peppermint currently operates the Peppermint Platform in the Philippines.

Forward Looking Statements: Statements regarding plans with respect to Peppermint’s business plans are forward looking statements. There can be no assurance that Peppermint’s plans will proceed as expected and there can be no assurance that Peppermint will be able to increase revenue.