Nov 06, 2012 (ACCESSWIRE-TNW via COMTEX) -- NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Toronto, Ontario - November 6, 2012 - Mint Technology Corp. CA:MIT +7.69% ("Mint" or the "Company") is pleased to announce that it has completed the private placement of USD$300,000 of secured 12% debentures on November 1, 2012, together with 150,000 loan bonus common shares of Mint to raise USD$300,000 (the "Private Placement"). The securities issued are subject to a hold period expiring on March 2, 2013.
Portfolio Strategies Securities Inc. (the "Agent") received a cash commission of $4,500 (1.5% of gross proceeds) and the Agent will be paid a commission in common shares of Mint (the "Agent's Shares") equal to 0.5% of the gross proceeds. The price per Agent's Share will be the greater of (A) the 45 day volume weighted average price of Mint's common shares on November 1, 2012, and (B) the minimum price permitted by the TSX Venture Exchange.
This closing is the third tranche of the private placement announced on September 11, 2012. Mint has raised a total of CAD$3,500,000 and USD$300,000 in the private placement.
The amount raised to date is USD$700,000 less than the maximum amount announced on September 11, 2012. Mint intends to apply for stock exchange approval to complete the issuance of that maximum amount on the same terms. A subscriber would receive USD$1.00 of secured 12% debentures, together with 0.5 common shares of Mint, for every USD$1.00 invested.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to a "U.S. Persons" as such term is defined in Regulation S under the U.S. Securities Act unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available.