Mint filed a preliminary prospectus as announced September 11, 2012. Mint is considering whether it will restructure or withdraw that offering, due to a change in the money remittance strategy (the termination of the Speed Remit agreement announced January 22, 2013 and the formation of the Arab Link money transfer partnership announced January 29, 2013) and comments from the Ontario Securities Commission. A restructured offering would include a reduction in the maximum offering, a change in the use of funds and an equity condition (including the private placement announced on January 21, 2013).

 

One plausible reason why the Prospectus didn't get the OSC blessing I believe is contained in yesterdays PR. It most likely had to do with one or all of the 3 stated possible revisions to the offering. I would lean towards the use of funds issue.