Mint Closes Private Placement
TORONTO, ONTARIO--(Marketwire - Dec. 4, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Company") is pleased to announce that it has completed the private placement of CAD$1,086,500 of secured 12% debentures on November 30, 2012, together with 543,250 loan bonus common shares of Mint (the "Private Placement"). The securities issued are subject to a hold period expiring on March 31, 2013.
Portfolio Strategies Securities Inc. (the "Agent") received a cash commission of $16,297.50 (1.5% of gross proceeds) and the Agent will be paid a commission of 802,282 common shares of Mint (the "Agent's Shares"). The Agent's Shares are equal to 0.5% of the gross proceeds, priced at the 45 day volume weighted average price of Mint's common shares on November 30, 2012.
This closing is the fourth tranche of the private placement announced on September 11, 2012. The amount raised to date is CAD$4,586,500 and USD$300,000. Mint has received stock exchange approval to issue up to CAD$4,700,000 and USD$300,000. Mint has received subscriptions which would bring the issued total to CAD$5,000,000 and USD$300,000 of debentures. Mint intends to apply for stock exchange approval to issue an additional CAD$300,000 of debentures and associated bonus shares, with a view to completing that issuance within the next week. A subscriber will receive CAD$1.00 of secured 12% debentures, together with 0.5 common shares of Mint, for every CAD$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.
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or our future performance. Forward-looking statements include the issuance of additional securities up to the maximum amount of the private placement. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements, including the risk that the risk that the Company may not complete the full amount of the private placement. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of Mint believes are reasonable assumptions on the date of this news release, Mint cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and Mint disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
ABOUT MINT TECHNOLOGY CORP.
Established in 2004, Mint is the world's first vertically integrated prepaid card and payroll services provider with its own ATM network, payment processing platform and proprietary branded card product delivered to workers in the United Arab Emirates and expanding to other parts of the Middle East. Mint operates through 4 subsidiaries, Mint Middle East LLC, a payroll card services provider; Mint Capital LLC, a financial products distribution company; Mint Global Processing Inc., a fully integrated third party processing platform; and ePAY, a mobile airtime POS and Merchant network solutions business. Mint has 108 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the TSX Venture Exchange: MIT.
For additional information please visit www.mintinc.com.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Mint Technology Corp.
President & CEO
Mint Technology Corp.
Head of Compliance and Investor Relations
Source: Marketwire International (Dec 4, 2012 09:49:52 EST)