Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

December 16, 2009 16:24 ET

Mint Technology Announces Financing to Support Middle East Business Growth

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Mint Technology Corp. (TSX VENTURE:MIT) today announced that it is seeking to raise up to $525,000 of additional financing; $300,000 of which is to be raised through the exercise for $0.10 each of 3,000,000 common shares purchase warrants expiring on January 31, 2011 and $225,000 of which is to be raised through the private placement of 2,250,000 common shares at $0.10 each.

Proceeds from the private placement will be used for working capital purposes and for the expansion of Mint's business in the Middle East. The private placement is subject to regulatory approval and is expected to close on or about December 18, 2009.

The 2,250,000 private placement shares are to be issued to the spouse of an insider of Mint. Pursuant to Multilateral Instrument 61-101 ("MI 61-101"), that issuance may constitute the private placement a "related party transaction". Mint is exempt from the formal valuation requirement and shareholder approval requirement of MI 61-101, as described in more detail in the material change report to be filed in connection with this private placement. The filing of a material change report less than 21 days before the closing date of the private placement is necessary in order to complete the private placement in a timely manner.

ABOUT MINT TECHNOLOGY CORP.

Mint Technology Corp. is a pioneer in prepaid financial products and services and is Canada's first provider of prepaid credit card programs. As a MasterCard® Member Service Provider, Mint works with business partners to customize prepaid credit card programs that are tailored to meet a company and its card holder's needs. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage financial transactions. Mint also provides services for those clients looking to move towards 'next generation' payment methods that include chip, internet, data mining and mobile phone load and remittance technologies. Mint's prepaid card products include general spend for the underserved, youth and employee payroll. Stock Symbol: MIT on the TSX Venture Exchange.

To receive Company news via email, contact lindsay@chfir.com and mention "Mint news" on the subject line.

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.

Contact Information

  • Mint Technology Corp.
    Chris Hogg
    President and CEO
    (416) 581-0001 ext. 222
    chogg@mintinc.ca
    or
    Mint Technology Corp.
    Dawn Mandarino
    CFO
    (416) 581-0001 ext. 229
    dmandarino@mintinc.ca
    or
    CHF Investor Relations
    Lindsay Carpenter
    Account Manager
    (416) 868-1079 ext. 239
    lindsay@chfir.com