Mint Technology Corp.
TSX VENTURE : MIT
PINKSHEETS : MITJF

Mint Technology Corp.

April 19, 2012 13:18 ET

Mint Announces Early Warrant Exercise Incentive Program

TORONTO, ONTARIO--(Marketwire - April 19, 2012) -

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Mint Technology Corp. (TSX VENTURE:MIT)(PINKSHEETS:MITJF) ("Mint" or "Company") is pleased to announce the implementation of a warrant exercise incentive program (the "Program") intended to encourage the exercise of up to 38,186,120 outstanding common share purchase warrants (the "Eligible Warrants") of the Company which were issued as part of the Company's private placement which closed over six tranches from May to July, 2011. Each Eligible Warrant is currently exercisable for one common share (each a "Common Share") of the Company at a price of $0.15 per Common Share, and expires May 31st, 2013.

Chris Hogg, Executive Chairman of Mint, said today, "This warrant exercise, together with the Debenture issue announced April 18th, 2012, provides a sound platform upon which we can continue to build out our business plan. This Program is a timelier and more efficient means to raise capital with less cost to the Company, less dilution to its shareholders, and a reduced transaction risk. It offers Mint the potential of an infusion of up to $6.1 million in capital in order to fund two specific business opportunities which the Company has been pursuing as well as working capital."

To the extent that certain warrant holders take advantage of the opportunity to exercise their Eligible Warrants early, this will strengthen Mint's current cash position and provide the Company with the operating start-up capital to fund Mint Money, which is now ready to launch.

Nabil Bader, CEO of Mint, said today, "In addition to the debenture raise announced yesterday, April 18th, Mint Money now has the required facility in place to begin the first phase of the project and is nearing completion on the due diligence on the larger funding requirement. Our agreement with our Partner Bank is complete and we have selected Oracle as its CRM and Loan Administration system provider/partner."

Eligible Warrants that remain unexercised following the completion of the Early Exercise Period will continue to be exercisable for Common Shares on the original terms as they existed prior to the Warrant Program.

Pursuant to the Program, the Company is offering an inducement to each holder of the Eligible Warrants ("Warrant Holders") that exercises their Eligible Warrants during a 14 calendar day early exercise period (the "Early Exercise Period") consisting of an additional common share purchase warrant (each an "Incentive Warrant"), with each Incentive Warrant entitling the Warrant Holder to purchase one additional Common Share for a period of three years from the date of issuance of such Incentive Warrant at a price of $0.225 per Common Share. The Early Exercise Period will commence tomorrow, April 20, 2012 at 9:00 a.m. (Toronto time) and expire on May 4th, 2012 at 4:30 p.m. (Toronto Time) (the "Early Exercise Expiry Date"). The Incentive Warrants and any Common Shares issuable on the exercise thereof will be subject to a four-month hold period from the date of issuance of the Incentive Warrants pursuant to applicable Canadian securities laws.

Depending upon the number of Eligible Warrants exercised during the Early Exercise Period, the Company expects to:

  • receive gross proceeds of up to $6,109,779.20 on or before the Early Exercise Expiry Date;

  • issue up to 38,186,120 Common Shares pursuant to the exercise of Eligible Warrants in accordance with the terms of the Eligible Warrants; and

  • issue up to 38,186,120 Incentive Warrants to Warrant Holders pursuant to the exercise of the Eligible Warrants on or before the Early Exercise Expiry Date.

The terms and conditions of the Program and the method of exercising Eligible Warrants pursuant to the Program are set forth in a letter which is being delivered to the registered address of each Warrant Holder along with a representation and warranties confirmation confirming that the securities exemptions to be relied upon by the Company under the Warrant Holder's previous subscription agreement are still true in relation to the issuance of the Incentive Warrants. Warrant Holders who wish to participate in the Program will agree to exercise their Warrants and deliver the other necessary documents in consideration of the issuance by the Company of the Incentive Warrants.

The Program has received conditional approval from the TSX Venture Exchange (the "TSXV") and is subject to the receipt of final approval of the TSXV.

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 regulatory approval and Toronto Stock Exchange approval. 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. 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 not receiving regulatory or TSX Venture Exchange approval. 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. 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.

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 7 offices in UAE (2), Qatar, Jordan, Egypt, USA and Canada where Mint is listed on the Toronto Stock Exchange (TSX VENTURE:MIT).

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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