SOURCE: Mint Technology Corp.

November 08, 2007 08:00 ET

Mint Announces Equity Financing of $6.0 Million

Mint Retains German Financial Consulting Group to Assist in the Sale of Prepaid Credit Cards in Europe

TORONTO--(Marketwire - November 8, 2007) - Mint Technology Corp. (TSX: MIT-V) (the "Company") announced that the Company has negotiated a $6.0 million non-brokered private placement of Units of the Company at a price of $0.09 per Unit.

Each Unit shall be comprised of one common share of the Company and one-half of one common share purchase warrant. Each warrant shall entitle the holder to acquire one common share for a period of one year following the closing at an exercise price of $0.14 per share. If the average closing price of the common shares is over $0.30 per share for a period of 30 consecutive days following the four month and one-day hold period, the Company will give notice that the warrants must be exercised within 30 days, or they will be terminated. The closing of the private placement is expected to be completed on or before December 17, 2007.

Mint will pay a fee of 8% in cash to finders who introduce the Company to subscribers.

The private placement is subject to regulatory approval. All securities issued pursuant to the private placement will be subject to a four month and one-day hold period.

The net proceeds of this financing will be used for working capital purposes in Canada and to implement a prepaid credit card program in Europe.

Mint has retained GH Financial Consulting GmbH of Berlin, Germany, in conjunction with Advice Portfolio Management GmbH of Walldorf, Germany, to assist in the sales and rollout of a prepaid credit card program in Europe. With over 35 years of banking experience in Europe, GH Financial is well positioned to assist the Company in formalizing business opportunities in select European countries.

"This financing will provide for our current Canadian operations, as well as allow the Company to expand into Europe," stated Frank Maduri, president and CEO of Mint Technology Corp. "Taking a product that is built, tested and proven in Canada to a significantly larger market with a greater demand, is a logical next step for Mint."

Gerhard Heck, Managing Director of GH Financial Consultants GmbH, comments: "We have evaluated the European market for prepaid credit cards, and we are excited to be working with Mint going forward with their European expansion. Partnering with a pioneer will help us realize the potential for prepaid credit cards, in targeted countries in Europe."

Payment Systems Europe predicts that there will be 2.3 billion prepaid card transactions in Europe by 2010, creating prepaid transaction spend of EUR 75 billion, or $96 billion. The report estimated that this spending will involve 360 million individual cards.

About Mint Technology Corp. ("Mint"): Through its wholly owned subsidiaries, Mint is a leading payment solutions company. With its payment platform and prepaid credit card programs, Mint is the first in Canada to facilitate and deploy prepaid credit cards with unique features such as co-branding and loyalty programs, and new wireless payment alternatives such as contactless functionality. The company is headquartered in Toronto, Ontario.

The TSX venture exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may include statements about future events and/or financial statements that are forward looking in nature, subject to risks and uncertainties.

Contact Information

  • For more information please contact:

    Dean Thrasher
    Executive Vice President
    Mint Technology Corp.
    Tel: 416.581.0001 ext. 241
    Email Contact