Peppermint raises $1.1m amid loss

ASX-listed Peppermint Innovation announced it has raised $1.1m to maximise various artificial intelligence and customer service opportunities.

Tuesday's development follows news that the Perth-based company reported a $1.57m net loss after tax during the first half of the 2024 financial year, up from $1.21 million during the prior corresponding period.

"The directors believe that it is reasonably foreseeable that the group will continue as a going concern and that it is appropriate for it to adopt the going concern basis in the preparation of the financial report," the companysaid in its half year 2024 financial report. 

Additionally, Peppermint told the market it had provided a cash flow chart for the upcoming year, which indicated it could meet its debts - due to designated cost reductions, increased revenue from existing work and future capital raises. 

A financial tech company, Peppermint issued 73.5 million shares under its placement at an offer price of 1.5 cents per share.

CPS Capital Group, which was appointed as the placement's lead manager and broker, will also provide corporate advisory services to Peppermint over the next six months, receiving $5000 per month.

“We are thrilled to be working with a group like Peppermint and are excited about its planned development for the rest of this year and beyond, particularly in their proposition in the AI space," CPS managing director Jason Peterson said.

"In addition to being a current Top 20 shareholder, my personal fund has added significantly via this placement."

As AI's profile continues to gain momentum across Western Australia's business sector, so to has the discussion surrounding it.

During the Business News State of the Future lunch in February, experienced medical entrepreneur Dr Marcus Tan said AI had the potential to alleviate staffing issues without shedding staff, and that children should be taught how to use the technology responsibly at school. 

Peppermint last traded at 16 cents per share, as of 10.12am AWST.