Mint Technology Corp.
TSX VENTURE : MIT

Mint Technology Corp.

June 08, 2012 09:13 ET

Mint Announces Closing of Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - June 8, 2012) -

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Mint Technology Corp. ("Mint") (TSX VENTURE:MIT) announced today that it has completed a brokered private placement of $5,000,000. 29,411,764 common shares of Mint were issued at $0.17 per share to various funds under institutional management.

The proceeds of this closing will be utilized to satisfy the cash component of the ePAY acquisition agreement signed and announced on May 31, 2012 and for general working capital.

Portfolio Strategies Securities Inc. ("PSSI") acted as exclusive agent in today's private placement. PSSI received a cash commission equal to 6% of gross proceeds of the private placement and broker warrants to purchase common shares equal to 6% of the common shares issued in the private placement, exercisable for 24 months at a price of $0.225 per share. In addition, PSSI received a work fee of $80,000 and warrants to purchase 470,000 common shares on the same terms as the commission warrants.

The securities issued in today's closing are subject to a hold period which expires on October 8, 2012.

Mint Executive Chairman Chris R Hogg said today: "This closing to a prominent Canadian institution today enables Mint to complete the acquisitions of ePAY, one of the UAE's largest mobile airtime top-up and merchant services businesses. This is another step toward the completion of Mint's strategic plan of growing its fully integrated range of services throughout the region, the results and performance of which will accrue to the group's results immediately on completion on or before June 15th, 2012."

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 including microcredit, mobile top up and money remittance services delivered seamlessly to workers throughout the Middle East and North Africa region. Mint operates through 4 subsidiaries, Mint Middle East, a payroll card services provider, Mint Money, a financial products company, Mint Global Processing, a fully integrated third party processing platform and soon to launch, Mint Merchant Services, a POS and ATM network solutions business. Mint has 65 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the TSX Venture Exchange (TSX VENTURE:MIT).

Forward‐Looking Statements

Certain statements in this news release constitute "forward‐looking" statements. These statements relate to future events or our future performance. Forward‐looking statements include the size of the proposed offering and the terms of the offering. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward‐looking statements. Forward‐looking statements reflect current expectations regarding future events and operating performance and speak only as of the date of this news release. Forward‐looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. In addition to other risks, the size of the additional offering and the terms of the additional offering will depend on investor interest in the offering. Although the forward‐looking statements contained in this news release are based upon what management of Mint believes are reasonable assumptions on the date of this news release, Mint cannot assure investors that actual results will be consistent with these forward‐looking statements. The forward‐looking statements contained in this press release are made as of the date hereof and Mint disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

For additional information please visit www.mintinc.com.

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.

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