TORONTO, ONTARIO--(Marketwire - March 15, 2013) -
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") announces that the private placement announced on January 21, 2013, has been repriced. The Company now intends to offer up to CAD$550,000 and USD$4,500,000, of which, as previously announced, CAD$125,000 was closed on February 6, 2013 and has subsequently been repriced. Mint also closed subscriptions for CAD$420,000 for common share units on March 12, 2013 bringing the total of the CAD subscriptions to CAD$545,000. The securities closed on March 12th, 2013 contain a hold period until July 13, 2013. Mint has further received subscriptions for USD$1,370,000 for preferred shares which was previously announced on February 6, 2013.
The revised terms of the private placement are as follows:
- Units comprised of one common share and one-half common share purchase warrant of the Company (the "Units"). One whole warrant is exercisable for one common share on or before February 6, 2015 and upon payment of $0.15 (originally $0.20). Each unit will be issued for $0.105 (originally $0.125).
- There is no change to the offer for the non-convertible preferred shares of the Company.
There is no change to the use of proceeds for this private placement.
Chris Hogg, Executive Chairman, said today, "Based on the level of interest shown by investors, both in Canada and the United Arab Emirates, we expect that the private placement will be completed in the next 21 days primarily through the issue of the preferred shares. The equity was repriced to reflect the current volume weighted average price of the Company's common stock."
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 Mint Electronic Payment Services, a mobile airtime POS and Merchant network solutions business. Mint has 108 employees in 9 offices in UAE (3), Qatar, Jordan, Egypt, Saudi Arabia, USA and Canada where Mint is listed on the TSX Venture Exchange: MIT.
For additional information please visit www.mintinc.com.
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