PEPPERMINT INNOVATION LIMITED — Capital/Financing Update 2021

Nov 22, 2021

Proposed issue of securities

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Update Summary

Entity name

PEPPERMINT INNOVATION LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

23/11/2021

Reason for update to a previous announcement

Increased capital raising and option entitlement, a change to the entitlement date for bonus options to all shareholders to 1 December 2021 (which on exercise result in issue of attaching options), a change to the expiry date of the bonus options to 22 December 2021 and a change to the issue date of attaching options to 23 December 2021.

Refer to next page for full details of the announcement

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Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

PEPPERMINT INNOVATION LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type Registration Number ACN 125931964

1.3 ASX issuer code

PIL

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Increased capital raising and option entitlement, a change to the entitlement date for bonus options to all shareholders to 1 December 2021 (which on exercise result in issue of attaching options), a change to the expiry date of the bonus options to 22 December 2021 and a change to the issue date of attaching options to 23 December 2021.

1.4b Date of previous announcement to this update

11/11/2021

1.5 Date of this announcement

23/11/2021

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? No

Part 7B - Issue details

Is the proposed security a 'New	Will the proposed issue of this
class' (+securities in a class that is	+security include an offer of
not yet quoted or recorded by ASX)	attaching +securities?
or an 'Existing class' (additional	No
securities in a class that is already
quoted or recorded by ASX)?
New class
Details of +securities proposed to be issued
ISIN Code (if Issuer is a foreign company and +securities are non CDIs)
Have you received confirmation from	Will the entity be seeking quotation
ASX that the terms of the proposed	of the 'new' class of +securities on
+securities are appropriate and	ASX?
equitable under listing rule 6.1?	Yes
No
ASX +security code	+Security description
New class-code to be confirmed	Options exercisable at 3 cents per share by 30 June 2023
+Security type
Options
Number of +securities proposed to be	issued
194,471,250
Reason for the update of 'Number of +securities proposed to be issued'We increased our fund raising and consequently the entitlement to the options

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration?

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Proposed issue of securities

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No

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----- Start of picture text ----- Please describe the consideration being provided for the +securitiesOptions to issue when shareholder exercises bonus options issued to them.Please provide an estimate of the AUD equivalent of the consideration beingprovided for the +securities0.020000Will all the +securities issued in this class rank equally in all respects fromtheir issue date?YesOptions details+Security currency Exercise price Expiry dateAUD - Australian Dollar AUD 0.0300 30/6/2023Details of the type of +security that will be issued if the option is exercisedPIL : ORDINARY FULLY PAIDNumber of securities that will be issued if the option is exercisedone fully paid ordinary sharePlease provide a URL link for a document lodged with ASX setting out the material terms of the +securitiesproposed to be issued or provide the information by separate announcement.Prosectus will be issued----- End of picture text -----

Part 7C - Timetable 7C.1 Proposed +issue date 23/12/2021

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

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No

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Additional options to raise funds for future development

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a +disclosure document or +PDS for the +securities proposed to be issued

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