Mint Technology Corp.

Mint Technology Corp.

April 19, 2013 08:20 ET

Mint Announces Closing of Series VII Debenture Offering, Board of Directors Change and Information Regarding Financial Statements

TORONTO, ONTARIO--(Marketwired - April 19, 2013) -


Mint Technology Corp. (TSX VENTURE:MIT) ("Mint" or the "Company") announces today that it has completed the first tranche of the brokered private placement announced on April 9, 2013 of $5,820,000 of Series VII Debentures and 5,820,000 common shares for gross proceeds of $4,632,720. Portfolio Strategies Securities Inc. acted as agent and received a cash commission equal to 4% of the gross proceeds.

Subscribers paid $796 for each $1000 of debentures and 1000 common shares. The debentures mature in 30 months. The amount of the purchase price is a reduction from the amount disclosed in the Company's press release of April 9, 2013 and the maturity date has been extended from the date disclosed in that same press release. The effective rate of interest on the debentures remains unchanged from previously announced. The debentures and common shares issued today are subject to a hold period which expires on August 19, 2013.

Neil Gilday and Vishy Karamadan have been appointed to the board of directors following the retirement of Rajiv Rai and William White. Neil Gilday is the CEO of Portfolio Strategies Securities Inc. and Vishy Karamadan is Director and Co-founder of Ubika Research Corp. and

Chris Hogg, Executive Chairman, said today, "Mr. Rajiv ("Roger") Rai, who has served since 2005 and Mr. William ("Bill") White who has served since 2008 have agreed to retire. The Company and particularly Mint's management team wish to express their considerable thanks to these gentlemen who have both been part of an exciting and aggressive rebuilding of Mint's business in the markets in which they now operate and their support and confidence in the management team is much appreciated."

Mint is also pleased to announce that Nicole Souadda has been appointed as the Corporate Secretary of the Company.

The Series I Debentures, Series II Debentures and Series VI Debentures of Mint are now listed on the Canadian National Stock Exchange (CNSX). A copy of the listing statement is available in the listings disclosure hall of CNSX and as an attachment to the material change report referred to above and SEDAR.

Mint also announced today that it might be late in filing its annual financial statements, MD&A and related CEO and CFO certificates for its fiscal year-ended December 31, 2012 (the "Year End Filings"). The Year End Filings are required to be filed no later than April 30, 2013. The late filing of the Year End Filings is due to some early audit program logistic issues but more significantly current changes to the board of directors and audit committee resulting from the above referenced debt financing facility. It is felt the new directors will require additional time to acquaint themselves with the draft financial statements and MD&A. Management anticipates that the Year End Filings will be filed by May 15, 2013.

If a delay in filing should occur, Mint has requested that its principal regulator, the Ontario Securities Commission, issue a management cease trade order that prohibits the CEO, CFO and board of directors of the Company from trading in securities of Mint until the Year End Filings have been filed. The issuance of a management cease trade order would not affect the ability of persons who are not directors, officers or other insiders to trade Mint shares. If the Ontario Securities Commission does not agree to issue a management cease trade order, a cease trade order will be issued so long as the Year End Filings have not been made. The issuance of a cease trade order would prevent trading in Mint shares generally and the issuance of any securities by Mint.

The Company intends to satisfy the provisions of the alternative information guidelines in National Instrument 12-203 so long as the Year End Filings have not been made, including the issuance of default status update reports every two weeks during that period.

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 expected date for filing the Year End Filings and the issuance of a management cease trade order rather than a cease trade order. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements 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. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, any delays in the completion of the auditors' work on the financial statements and any decision of the Ontario Securities Commission to impose a cease trade order rather than a management cease trade order. 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. These forward-looking statements are made as of the date of this news release.


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 MEPS, a mobile airtime POS and Merchant network solutions business. Mint has 108 employees in 8 offices in UAE (3), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the TSX Venture Exchange: MIT.

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