Ann: $10m Institutional Placement, page-3

Geez michaelhp reckon I got pretty close.

Isn't it amaizing what a little bit of research can come up with instead of just guessing

Purpose / Use of ProceedsThe Company has recently applied to the Australian Prudential Regulation Authority (APRA) for Authority to carryon banking business as a Provider of a Purchased Payment Facility (PPF Provider) under the Banking Act 1959.The $10m capital raising includes the capital requirements the Company anticipates will be required to satisfy theminimum prudential Tier 1 capital requirements for licensing of the Company’s subsidiary, iSignthis eMoney (AU)Pty Ltd (“ISEMAU”), as a PPF Provider, a special class of Authorised Deposit-taking Institution (ADI) that areauthorised to undertake a limited range of banking activities.The conditions are anticipated to be similar to those imposed on Paypal Australia Pty Limited, being the only otherPPF Provider ADI licensed by APRA.The license application is still under review by APRA and may be subject to other conditions.ISEMAU will also directly process and settle card payments as a scheme participant under the Reserve Bank ofAustralia’s Payment Card Access Regime.ISEMAU previously announced on the 18th July 2018 that it has been successful in entering into a MastercardPrincipal License under the Access Regime1, and also previously announced on the 29th March 2018 its cardacquiring agreement with American Express.