Mint Technology closes $1.08-million private placement
2012-12-04 08:57 CT - News Release
Shares issued 254,871,803
MIT Close 2012-12-03 C$ 0.09
Mr. Nabil Bader reports
MINT CLOSES PRIVATE PLACEMENT
Mint Technology Corp. completed the private placement of $1,086,500 of secured 12-per-cent debentures on Nov. 30, 2012, together with 543,250 loan bonus common shares of Mint. The securities issued are subject to a hold period expiring on March 31, 2013.
Portfolio Strategies Securities Inc. received a cash commission of $16,297.50 (1.5 per cent of gross proceeds), and the agent will be paid a commission of 802,282 common shares of Mint. The agent's shares are equal to 0.5 per cent of the gross proceeds, priced at the 45-day volume-weighted-average price of Mint's common shares on Nov. 30, 2012.
This closing is the fourth tranche of the private placement announced on Sept. 11, 2012. The amount raised to date is $4,586,500 and $300,000 (U.S.). Mint has received stock exchange approval to issue up to $4.7-million and $300,000 (U.S.). Mint has received subscriptions that would bring the issued total to $5-million and $300,000 (U.S.) of debentures. Mint intends to apply for stock exchange approval to issue an additional $300,000 of debentures and associated bonus shares, with a view to completing that issuance within the next week. A subscriber will receive $1 of secured 12-per-cent debentures, together with 0.5 common share of Mint, for every $1 invested.