Ann: Application for quotation of securities - PIL, page-19

G'day Sage. I think the confusion arises because PIL has chosen to issue these 50M "Options for services rendered" in tandem with the securities associated with the Raising.

I guess it made administrative sense to do so, but it has plainly muddied the waters.

However if you'll excuse the pun, they appear to be a completely separate issue.

None of the 73.5M fully paid ordinary shares placed by CPS to sophisticated and professional investors at 1.5c had any Options attached.

So just to be clear, participants in the Raise selling now do NOT hold any free Options to offset the hit.

It's true, as part of its management fee for completing the raise, CPS Capital separately received 15M Options (exercisable at 2.25c, note) for a peppercorn sum.

CPS has been mandated by Peppermint to provide corporate advisory services for the next 6 months, so let's hope they'll be looking for a share price to justify exercising those options in that time frame.


As to the 50M Options "for services rendered" - they might be for anything ...in lieu of professional fees, or maybe a spotter's fee for the AI acquisition(?) ...who knows - those Opts will in any case bring a further handy $750,000 to PIL's coffers if exercised.